SAN JOSE, Calif., Sept. 20, 2019 /PRNewswire/ -- BioPharmX
Corporation (NYSE American: BPMX) (the "Company"), a specialty
pharmaceutical company focused on developing innovative medical
dermatology products, received a notice on September 19, 2019 from the NYSE American LLC
(the "NYSE American") granting the Company an extension until
March 24, 2020 to regain compliance
with certain NYSE American continued listing standards related to
its stockholders' equity balance.
On September 24, 2018, the Company
received a deficiency letter from NYSE American stating that the
Company was not in compliance with the continued listing standards
as set forth in Section 1003(a)(i)-(iii) of the NYSE American
Company Guide, which requires listed companies to maintain
stockholders' equity of $6.0 million
or more if they have reported losses from continued operations
and/or net losses in their five most recent fiscal years (Section
1003(a)(iii)). Following a review of the Company's request for
extension and accompanied compliance plan, the NYSE American has
granted a six-month extension predicated on it regaining compliance
with this listing requirement by the end of the compliance
period.
"We appreciate the continued cooperation from the NYSE
American," said Dr. Tierney, BioPharmX CEO. "In working closely
with the Locust Walk team, our goal is to announce a strategic
partnership transaction to advance our late-stage topical
minocycline drug candidates in Q4 2019, which should contribute to
regaining compliance."
The Company's common stock will continue to be listed and traded
on NYSE American during the extended cure period, subject to the
Company's compliance with NYSE American's other applicable
continued listing standards. The letter does not affect the
Company's business operations or its Securities and Exchange
Commission reporting requirements.
About BioPharmX® Corporation
BioPharmX Corporation
(NYSE American: BPMX) is a specialty pharmaceutical company
developing prescription products through its proprietary HyantX™
Topical Delivery System for dermatology indications. To learn
more about BioPharmX, visit www.BioPharmX.com.
Forward-Looking Statement
The information in this
press release contains forward-looking statements and information
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are subject to the "safe harbor" created by those
sections. This press release contains forward-looking statements
about the Company's expectations, plans, intentions, and
strategies, including, but not limited to, our ability to regain
compliance with the continued listing standards of the NYSE
American and our ability to execute a strategic transaction or the
timing of such a transaction. Additional risks are set forth in our
filings with the Securities and Exchange Commission, including
those described in the Company's Quarterly Report on Form 10-Q for
the most recent fiscal quarter. The forward-looking statements
included in this news release are made only as of the date hereof,
and the Company undertakes no obligation to publicly update such
statements. BioPharmX is a registered trademark of BioPharmX,
Inc.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biopharmx-receives-notice-of-compliance-deadline-extension-from-nyse-american-300922548.html
SOURCE BioPharmX Corporation