ROCKVILLE, Md., Feb. 7, 2020 /PRNewswire/
-- Synthetic Biologics, Inc. (NYSE American: SYN), a
diversified clinical-stage company leveraging the microbiome to
develop therapeutics designed to prevent and treat gastrointestinal
(GI) diseases in areas of high unmet need, announced today that the
NYSE American LLC (the "Exchange") has accepted the Company's plan
of compliance (the "Plan") for continued listing on the
Exchange.
As previously reported, on November 25,
2019, Synthetic Biologics received a letter from NYSE
American Staff indicating that the Company is not in compliance
with certain continued listing standards relating to stockholders
equity as set forth in Part 10, Section 1003 of the NYSE American
Company Guide (the "Guide"). Based on the Company's Form 10-Q for
the period ending September 30, 2019
and filed with the Securities & Exchange Committee (SEC) on
November 4, 2019, the Company was
below compliance with Part 10, Section 1003(a)(iii) of the Guide
since it reported stockholders' equity of less than $6 million and net losses in five of its most
recent fiscal years.
In accordance with NYSE American's policies and procedures, the
Company submitted its plan of compliance on December 20, 2019 addressing how the Company
intends to regain compliance with Part 10, Section 1003 of the
Guide. On February 7, 2020, the
Exchange notified Synthetic Biologics that it accepted the
Company's compliance plan and granted the Company an extension for
its continued listing until November 25,
2020 (the "Plan Period"). Synthetic Biologics will be
subject to periodic review by Exchange Staff during the Plan
Period. If the Company does not regain compliance by the end of the
Plan Period, or if the Company does not make progress consistent
with its Plan, the Exchange may initiate delisting procedures as
appropriate.
The notice of acceptance from NYSE American does not affect the
Company's business operations or the listing of the Company's
common stock on the Exchange, which will continue to trade under
the symbol "SYN", subject to periodic review by the Exchange.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a
clinical-stage company developing therapeutics that preserve the
microbiome to protect and restore the health of patients. The
Company's lead candidates are: (1) SYN-004 (ribaxamase) which is
designed to degrade certain commonly used intravenous (IV)
beta-lactam antibiotics within the gastrointestinal (GI) tract to
prevent microbiome damage, C. difficile infection (CDI),
overgrowth of pathogenic organisms, the emergence of antimicrobial
resistance (AMR) and acute graft-versus-host-disease (aGVHD) in
allogeneic hematopoietic cell transplant (HCT) recipients, and (2)
SYN-010, which is intended to reduce the impact of
methane-producing organisms in the gut microbiome to treat an
underlying cause of irritable bowel syndrome with constipation
(IBS-C). The Company's preclinical pursuits include SYN-020, an
oral formulation of the enzyme intestinal alkaline phosphatase
(IAP) to treat both local GI and systemic diseases as well as
monoclonal antibody therapies for the prevention and treatment of
pertussis. For more information, please visit Synthetic Biologics'
website at www.syntheticbiologics.com.
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions, and include statements
regarding Synthetic Biologics' intent to regain
compliance with Part 10, Section 1003 of the Guide and the
potential benefits of SYN-004 and SYN-010. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release and are
subject to a number of risks and uncertainties, many of which are
difficult to predict that could cause actual results to differ
materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important
factors that could cause actual results to differ materially from
current expectations include, among others, Synthetic
Biologics' ability to regain compliance with the continued listing
standards by November 25,
2020, Synthetic Biologics' ability to comply with
other continued listing requirements of the NYSE American, a
failure to receive the necessary regulatory approvals for
commercialization of Synthetic Biologics' therapeutics, a failure
of Synthetic Biologics' clinical trials, and those conducted by
investigators, for SYN-004, SYN-010 and SYN-020 to be commenced or
completed on time or to achieve desired results and benefits, a
failure of Synthetic Biologics' clinical trials to continue
enrollment as expected or receive anticipated funding, a failure of
Synthetic Biologics to successfully develop, market or sell its
products, Synthetic Biologics' inability to maintain its material
licensing agreements, or a failure by Synthetic Biologics or its
strategic partners to successfully commercialize products and other
factors described in Synthetic Biologics' most recent Form 10-K and
its other filings with the SEC, including subsequent periodic
reports on Forms 10-Q and 8-K. The information in this release is
provided only as of the date of this release, and Synthetic
Biologics undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
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SOURCE Synthetic Biologics, Inc.