Chemomab Therapeutics Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
08 Maggio 2024 - 1:00PM
Chemomab Therapeutics Ltd. (Nasdaq: CMMB) (Chemomab), a clinical
stage biotechnology company developing innovative therapeutics for
fibro-inflammatory diseases with high unmet need, today announced
that it received formal notification from the Listing
Qualification Department of the Nasdaq Stock
Market (“Nasdaq”) notifying the Company that it has been
granted an additional 180-day compliance period, or
until November 4, 2024, to regain compliance with Nasdaq’s
minimum $1.00 bid price per share requirement.
If at any time until November 4, 2024, the
closing bid price of Chemomab’s American Depositary Shares (the
"ADSs") is at least $1.00 per ADS for a minimum of 10
consecutive trading days, Nasdaq will provide written confirmation
of compliance to the Company and the matter will be closed.
In accordance with Nasdaq Marketplace Rule
5810(c)(3)(A), Nasdaq staff determined that Chemomab was eligible
for an additional 180-day period to regain compliance based on the
Company meeting the continued listing requirement for the market
value of publicly held shares and all other applicable requirements
for initial listing on the Nasdaq Capital Market, with the
exception of the bid price requirement, and the Company’s written
notice of its intention to cure the deficiency during the second
compliance period and, if necessary, to do so by effecting a
reverse stock split.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s ADSs,
which continue to be listed and traded on the Nasdaq Capital Market
under the symbol “CMMB.”
Forward Looking Statements This
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act. These
forward-looking statements include, among other things, statements
regarding the Company’s ability to regain compliance with Nasdaq’s
Marketplace Rule 5550(a)(2) prior to the expiration of the 180-day
grace period discussed in this press release; clinical development
pathway for CM-101; the expectation that Chemomab will report
topline data from the PSC clinical trial by mid-year 2024; the
length, duration and impact of the war in Israel on Chemomab’s
business and operations; the future operations of Chemomab and its
ability to successfully initiate and complete clinical trials and
achieve regulatory milestones; the nature, strategy and focus of
Chemomab; the development and commercial potential and potential
benefits of any product candidates of Chemomab; and that the
product candidates have the potential to address high unmet needs
of patients with serious fibrosis-related diseases and conditions.
Any statements contained in this communication that are not
statements of historical fact may be deemed to be forward-looking
statements. These forward-looking statements are based upon
Chemomab's current expectations. Forward-looking statements involve
risks and uncertainties. Because such statements deal with future
events and are based on Chemomab's current expectations, they are
subject to various risks and uncertainties and actual results,
performance or achievements of Chemomab could differ materially
from those described in or implied by the statements in this
presentation, including those found under the caption "Risk
Factors" and elsewhere in Chemomab's filings and reports with the
SEC. Chemomab expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Chemomab's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based,
except as required by law.
About Chemomab Therapeutics
Ltd.Chemomab is a clinical stage biotechnology company
developing innovative therapeutics for fibro-inflammatory diseases
with high unmet need. Based on the unique and pivotal role of CCL24
in promoting fibrosis and inflammation, Chemomab developed CM-101,
a monoclonal antibody that neutralizes CCL24 activity. In clinical
and preclinical studies, CM-101 appears safe, with the potential to
treat multiple severe and life-threatening fibro-inflammatory
diseases. Chemomab has reported positive results from three
clinical trials of CM-101 in patients, including a Phase 2a liver
fibrosis trial in NASH patients and an investigator-initiated study
in patients with severe lung injury. A Phase 2 trial in primary
sclerosing cholangitis has completed patient enrollment, with
topline data expected midyear 2024. Chemomab’s CM-101 program for
the treatment of systemic sclerosis is Phase 2-ready with an open
U.S. IND. For more information about Chemomab, visit
chemomab.com.
Contacts:
Media and Investors:Barbara
LindheimConsulting Vice President, Investor & Public Relations,
Strategic CommunicationsPhone: +1
917-355-9234barbara.lindheim@chemomab.comIR@chemomab.com
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