Aeterna Zentaris Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
January 26 2021 - 4:05PM
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (the “Company”), a
specialty biopharmaceutical company commercializing and developing
therapeutics and diagnostic tests, today announced that it has
received a notification letter from The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it has been granted an
additional 180 calendar day period to regain compliance with the
minimum bid price requirement set forth in Nasdaq Listing Rules for
continued listing on the Nasdaq Capital Market.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company's shares,
which will continue to trade on the Nasdaq Capital Market under the
symbol “AEZS”. The Company has an additional 180 calendar days from
the date of notification, which occurred on January 26, 2021, or
until July 26, 2021, to regain compliance with the minimum bid
price requirement. If at any time before July 26, 2021, the bid
price of the Company’s common shares closes at or above US$1.00 per
share for a minimum of 10 consecutive business days, Nasdaq will
provide written notification to the Company that it has achieved
compliance with the minimum bid price requirement.
If the Company does not meet the minimum bid
requirement during the additional 180-day grace period, Nasdaq will
provide written notification to the Company that its shares will be
subject to delisting. At such time, the Company may appeal the
delisting determination to a Nasdaq Hearings Panel. The Company
would remain listed pending the Panel's decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
The Company is also listed on the Toronto Stock
Exchange and the notification letter does not affect the Company's
compliance status with such listing.
About Aeterna Zentaris Inc.
Aeterna Zentaris Inc. is a specialty
biopharmaceutical company commercializing and developing
therapeutics and diagnostic tests. The Company’s lead product,
macimorelin, is the first and only U.S. FDA and European Commission
approved oral test indicated for the diagnosis of adult growth
hormone deficiency (AGHD). Macimorelin is currently marketed in the
United States under the tradename Macrilen™ through a license
agreement with Novo Nordisk where Aeterna Zentaris receives
royalties on sales. According to a commercialization and supply
agreement, MegaPharm Ltd. will seek regulatory approval and then
commercialize macimorelin in Israel and the Palestinian Authority.
Additionally, upon receipt of pricing and reimbursement approvals,
Aeterna expects that macimorelin will be marketed in Europe and the
United Kingdom through a recently established license agreement
with Consilient Health Ltd and Aeterna Zentaris will receive
royalties on sales and other potential payments.
Aeterna Zentaris is also leveraging the clinical
success and compelling safety profile of macimorelin to develop it
for the diagnosis of childhood-onset growth hormone deficiency
(CGHD), an area of significant unmet need.
The Company is actively pursuing business
development opportunities for the commercialization of macimorelin
in Asia and the rest of the world, in addition to other
non-strategic assets to monetize their value. For more information,
please visit www.zentaris.com and connect with the Company on
Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined by applicable securities legislation) made
pursuant to the safe-harbor provision of the U.S. Securities
Litigation Reform Act of 1995, which reflect our current
expectations regarding future events. Forward-looking statements in
this press release include those relating to Aeterna’s ability to
regain compliance with the Nasdaq’s minimum bid price requirement
as well as the consequences for failing to do so and Aeterna’s
expectation that, upon receipt of pricing and reimbursement
approvals, macimorelin will be marketed in Europe and the United
Kingdom. Forward-looking statements involve known and unknown risks
and uncertainties, and other factors which may cause the actual
results, performance or achievements stated herein to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks, including, without
limitation, our ability to obtain receipt of pricing and
reimbursement approvals as well as those risks discussed in our
Annual Report on Form 20-F, under the caption "Key Information Risk
Factors" filed with the relevant Canadian securities regulatory
authorities in lieu of an annual information form and with the U.S.
Securities and Exchange Commission. Given the uncertainties and
risk factors, readers are cautioned not to place undue reliance on
these forward-looking statements. We disclaim any obligation to
update any such factors or to publicly announce any revisions to
any of the forward-looking statements contained herein to reflect
future results, events or developments, unless required to do so by
a governmental authority or applicable law.
Investor Contact: Jenene Thomas JTC Team T
(US): +1 (833) 475-8247 E: aezs@jtcir.com
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