Aeterna Zentaris Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
January 26 2022 - 4:05PM
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the
“Company”), a specialty biopharmaceutical company developing and
commercializing a diversified portfolio of pharmaceutical and
diagnostic products, today announced that the Listing
Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") has
notified the Company that it has been granted an additional 180
calendar day period, through July 23, 2022, to evidence compliance
with the US$1.00 minimum bid price requirement for continued
listing on The Nasdaq Capital Market.
If at any time before July 23, 2022, the bid
price for the Company's common shares closes at or above US$1.00
per share for a minimum of 10 consecutive business days (and
generally not more than 20 consecutive business days, in Nasdaq’s
discretion), it is expected that Nasdaq would provide formal notice
that the Company has regained compliance with the bid price
requirement.
In the event the Company does not evidence
compliance with the minimum bid price requirement during the
180-day grace period, it is expected that Nasdaq would notify the
Company that its shares are subject to delisting. At such time, the
Company may appeal such determination to a Nasdaq Hearings Panel
(the “Panel’) and it is expected that the Company’s securities
would continue to be listed and available to trade on Nasdaq at
least pending the completion of the appeal process. There can be no
assurance that any such appeal would be successful or that the
Company would be able to evidence compliance with the terms of any
extension that may be granted by the Panel.
The Nasdaq notification letter does not impact
the Company's compliance or listing status on the Toronto Stock
Exchange.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty
biopharmaceutical company developing and commercializing a
diversified portfolio of pharmaceutical and diagnostic products
focused on areas of significant unmet medical need. The Company's
lead product, macimorelin (Macrilen™), is the first and only U.S.
FDA and European Commission approved oral test indicated for the
diagnosis of adult growth hormone deficiency (AGHD). The Company is
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, in collaboration with Novo Nordisk.
Aeterna Zentaris is dedicated to the development
of therapeutic assets and has recently taken steps to establish a
growing pre-clinical pipeline to potentially address unmet medical
needs across a number of indications, including neuromyelitis
optica spectrum disorder (NMOSD), Parkinson’s disease (PD),
hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou
Gehrig's disease). Additionally, the Company is developing an oral
prophylactic bacterial vaccine against SARS-CoV-2 (COVID-19) and
Chlamydia.
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 statements that may
constitute forward-looking statements within the meaning of U.S.
and Canadian securities legislation and regulations, and such
statements are made pursuant to the safe-harbor provision of the
U.S. Securities Litigation Reform Act of 1995. Forward-looking
statements are frequently, but not always, identified by words such
as “expects,” “anticipates,” “believes,” “intends,” “potential,”
“possible,” “would” and similar expressions. Such statements, based
as they are on current expectations of management, inherently
involve numerous risks, uncertainties, and assumptions, known and
unknown, many of which are beyond our control. 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, any decision of Nasdaq with respect thereto
as well as the consequences for failing to do so, including the
period during which any appeal to the Panel is pending.
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. Such risks and uncertainties include, among others,
the price of Aeterna’s shares on Nasdaq may not may not meet
Nasdaq’s minimum bid price requirement at all or for a sufficient
number of trading days prior to July 23, 2022 in order for Nasdaq
to determine that the Company has met the minimum bid price
requirements, our products under development may not be successful
or may not support advancing the product to human clinical trials;
our ability to raise capital and obtain financing to continue our
currently planned operations; our now heavy dependence on the
success of Macrilen™ (macimorelin) and related out-licensing
arrangements and the continued availability of funds and resources
to successfully commercialize the product, including our heavy
reliance on the success of the License Agreement with Novo Nordisk;
the global instability due to the global pandemic of COVID-19, and
its unknown potential effect on our planned operations; our ability
to enter into out-licensing, development, manufacturing, marketing
and distribution agreements with other pharmaceutical companies and
keep such agreements in effect. Investors should consult our
quarterly and annual filings with the Canadian and U.S. securities
commissions for additional information on risks and uncertainties,
including those risks discussed in our Annual Report on Form 40-F
and annual information form, under the caption "Risk Factors".
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.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
Toronto Stock Exchange accepts no responsibility for the adequacy
or accuracy of this release.
Investor Contact:
Jenene ThomasJTC TeamT (US): +1 (833) 475-8247E:
aezs@jtcir.com
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