SAN
DIEGO, June 3, 2022 /PRNewswire/ -- Kintara
Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the
"Company"), a biopharmaceutical company focused on the development
of new solid tumor cancer therapies, today announced that the
Company received written notification from the Listing
Qualification Department of The Nasdaq Stock Market LLC ("Nasdaq")
granting the Company's request for a 180-day extension to regain
compliance with Nasdaq's minimum bid price requirement under Nasdaq
Listing Rule 5550(a)(2). The Company now has until November 28, 2022 to meet the requirement.
Nasdaq's extension notice has no immediate effect on the
continued listing status of the Company's common stock on The
Nasdaq Capital Market LLC under the symbol "KTRA". If at any time
during the additional 180-day extension, the bid price of the
Company's common stock closes at, or above, $1.00 per share for a minimum of ten consecutive
business days, the Nasdaq staff will provide the Company with a
written confirmation of compliance and the matter will be
closed.
The Company was first notified by Nasdaq of its failure to
maintain a minimum bid price of $1.00
per share for 30 consecutive trading days under Nasdaq Listing Rule
5550(a)(2) on December 3, and was
given until June 1, 2022 to regain
compliance.
If the Company does not meet the minimum bid requirement during
the additional 180-day extension, Nasdaq will provide written
notification to the Company that its common stock will be subject
to delisting. At such time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel (the "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.
ABOUT KINTARA
Located in San Diego,
California, Kintara is dedicated to the development of novel
cancer therapies for patients with unmet medical needs. Kintara is
developing two late-stage, Phase 3-ready therapeutics for clear
unmet medical needs with reduced risk development
programs. The two programs are VAL-083 for glioblastoma
multiforme ("GBM") and REM-001 for Cutaneous Metastatic Breast
Cancer ("CMBC").
VAL-083 is a "first-in-class", small-molecule
chemotherapeutic with a novel mechanism of action that has
demonstrated clinical activity against a range of cancers,
including central nervous system, ovarian and other solid tumors
(e.g., NSCLC, bladder cancer, head and neck) in U.S. clinical
trials sponsored by the National Cancer Institute ("NCI"). Based on
Kintara's internal research programs and these
prior NCI-sponsored clinical studies, Kintara is
currently advancing VAL-083 in the GBM AGILE study to support
the development and commercialization of VAL-083 in
GBM.
Kintara is also advancing its proprietary, late-stage
photodynamic therapy platform that holds promise as a localized
cutaneous, or visceral, tumor treatment as well as in other
potential indications. REM-001 therapy has been previously
studied in four Phase 2/3 clinical trials in patients with CMBC who
had previously received chemotherapy and/or failed radiation
therapy. With clinical efficacy to date of 80% complete responses
of CMBC evaluable lesions, and with an existing robust safety
database of approximately 1,100 patients across multiple
indications, Kintara is advancing the REM-001 CMBC
program to late-stage pivotal testing.
For more information, please visit www.kintara.com or
follow us on Twitter
at @Kintara_Thera, Facebook and Linkedin.
SAFE HARBOR STATEMENT
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including statements regarding the status of the
Company's clinical trials and the GBM AGILE study. Any
forward-looking statements contained herein are based on current
expectations but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the impact of the
COVID-19 pandemic on the Company's operations and clinical trials;
the Company's ability to develop, market and sell products based on
its technology; the expected benefits and efficacy of the Company's
products and technology; the availability of substantial additional
funding for the Company to continue its operations and to conduct
research and development, clinical studies and future product
commercialization; and, the Company's business, research, product
development, regulatory approval, marketing and distribution plans
and strategies. These and other factors are identified and
described in more detail in the Company's filings with the SEC,
including the Company's Annual Report on Form 10-K for the year
ended June 30, 2021, the Company's
Quarterly Reports on Form 10-Q, and the Company's Current Reports
on Form 8-K.
CONTACTS:
Investors:
CORE IR
516-222-2560
ir@coreir.com
Media:
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kintara-granted-180-day-extension-to-meet-nasdaq-minimum-bid-price-requirement-301560775.html
SOURCE Kintara Therapeutics