--Chemomab's ADSs Will Continue
to Trade on the Nasdaq Capital Market--
TEL
AVIV, Israel, Nov. 6, 2023
/PRNewswire/ -- Chemomab Therapeutics Ltd. (Nasdaq: CMMB)
("Chemomab", or the "Company"), a clinical stage biotechnology
company focused on the discovery and development of innovative
therapeutics for fibro-inflammatory diseases with high unmet need,
today disclosed that the Company received notice ("Notice") from
the Nasdaq Listing Qualifications Department ("Nasdaq") on
November 6, 2023 that the Company is
not currently in compliance with the $1.00 minimum bid price requirement for continued
listing of its American Depositary Shares (the "ADSs") on the
Nasdaq Capital Market, as set forth in Nasdaq Listing Rule
5550(a)(2) (the "Minimum Bid Price Requirement"). The Notice
indicated that the Company has 180 days, or until May 6, 2024 (the "Compliance Deadline"), to
regain compliance with the Minimum Bid Price Requirement by having
the closing bid price of the Company's ADSs meet or exceed
$1.00 per ADS for at least 10
consecutive business days.
The Notice has no immediate effect on the listing of the
Company's ADSs, and its ADSs will continue to trade on the Nasdaq
Capital Market under the symbol "CMMB". The Company intends to
monitor the closing bid price of its ADSs and may, if appropriate,
consider implementing available options to regain compliance with
the Minimum Bid Price Requirement. If the Company does not regain
compliance by the Compliance Deadline, it may be afforded an
additional 180 calendar day period to regain compliance if it meets
the continued listing requirements for market value of publicly
held shares and all other initial listing standards, with the
exception of the minimum bid price requirement, of the Nasdaq
Capital Market, and provides written notice to Nasdaq of its
intention to cure the deficiency.
Forward Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. These forward-looking statements
include, among other things, statements regarding the clinical
development pathway for CM-101; the future operations of Chemomab
and its ability to successfully initiate and complete clinical
trials and achieve regulatory milestones; the nature, strategy and
focus of Chemomab; the development and commercial potential and
potential benefits of any product candidates of Chemomab; and that
the product candidates have the potential to address high unmet
needs of patients with serious fibrosis-related diseases and
conditions. Any statements contained in this communication that are
not statements of historical fact may be deemed to be
forward-looking statements. These forward-looking statements are
based upon Chemomab's current expectations. Forward-looking
statements involve risks and uncertainties. Because such statements
deal with future events and are based on Chemomab's current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of Chemomab could
differ materially from those described in or implied by the
statements in this presentation, including those found under the
caption "Risk Factors" and elsewhere in Chemomab's filings and
reports with the SEC. Chemomab expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Chemomab's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based, except as required by law.
About Chemomab Therapeutics Ltd.
Chemomab is a
clinical stage biotechnology company developing innovative
therapeutics for fibro-inflammatory diseases with high unmet need.
Based on the unique and pivotal role of CCL24 in promoting fibrosis
and inflammation, Chemomab developed CM-101, a monoclonal antibody
designed to neutralize CCL24 activity. In preclinical and clinical
studies, CM-101 appears safe, with the potential to treat multiple
severe and life-threatening fibro-inflammatory diseases. Chemomab
has reported encouraging results from three clinical trials of
CM-101 in patients, including a Phase 1b trial in NAFLD patients, a Phase 2a liver
fibrosis trial in NASH patients and an investigator-initiated study
in patients with severe lung injury. The CM-101 program for the
treatment of systemic sclerosis is Phase 2-ready and a Phase 2
trial in primary sclerosing cholangitis patients is ongoing, with
topline data expected in the second half of 2024. For more
information about Chemomab, visit chemomab.com.
Contacts:
Media and Investors:
Barbara Lindheim
Consulting Vice President, Investor & Public Relations,
Strategic Communications
Phone: +1 917-355-9234
barbara.lindheim@chemomab.com
IR@chemomab.com
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SOURCE Chemomab Therapeutics, Ltd.