An anonymous director reports
AETERNA ZENTARIS GRANTED 180-DAY EXTENSION BY NASDAQ TO REGAIN COMPLIANCE WITH MINIMUM BID PRICE RULE
Aeterna Zentaris Inc. has received a notification letter from Nasdaq Stock Market LLC 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 Jan. 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 $1 (U.S.) 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 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. Food and Drug Administration-approved and European Commission-approved oral test indicated for the diagnosis of adult growth hormone deficiency. Macimorelin is currently marketed in the United States under the trade name Macrilen through a licence 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 the receipt of pricing and reimbursement approvals, Aeterna expects that macimorelin will be marketed in Europe and the United Kingdom through a recently established licence 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, 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.
We seek Safe Harbor.
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