Bio-Path Holdings (NASDAQ:BPTH), Inc., a pharmaceutical company, has received a notification from The Nasdaq Stock Market LLC indicating its non-compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market.
This development, disclosed on Thursday, September 12, 2024, follows a series of communications between Bio-Path and Nasdaq, including a deficiency letter received on March 12, 2024, and an extension granted on June 12, 2024, to meet the equity requirement.
The company, which trades under the ticker symbol NASDAQ:BPTH, was unable to confirm or demonstrate compliance with the Stockholders’ Equity Requirement by completing its proposed transactions as set forth in the Extension Letter.
Consequently, unless Bio-Path successfully appeals this determination, trading of its common stock will be suspended at the opening of business on September 23, 2024, followed by the filing of a Form 25-NSE with the SEC, which will effectively remove the company’s securities from Nasdaq listing and registration.
Bio-Path plans to request a hearing with the Nasdaq Hearings Panel by September 19, 2024, to present a plan to regain compliance and maintain its listing. This appeal will stay the suspension and Form 25-NSE filing pending the Panel’s decision. In the meantime, the company's common stock will continue to trade on the Nasdaq Capital Market.
In other recent news, Bio-Path Holdings has been making significant strides in their clinical trials and financial performance. The biotechnology firm recently reported a net loss of $1.9 million for Q2 2024, a result balanced by a strengthened cash position due to recent financing.
The company continues to advance its lead product candidate, prexigebersen, with promising interim results from their Phase II study for Acute Myeloid Leukemia (AML) treatment.
Bio-Path Holdings also reported progress on BP1002, targeting the Bcl-2 protein, and is moving BP1001-A for solid tumors and BP1003, targeting the STAT3 protein, towards clinical trials. In addition, a new molecular biomarker package has been introduced to accompany prexigebersen treatment, aiming to improve patient response rates.
In the realm of analyst notes, Roth/MKM reiterated its Buy rating on Bio-Path Holdings, maintaining a stock price target of $20. This reaffirmation reflects confidence in the company's ongoing research, based on recent clinical trial updates.
These developments, including extended therapy durations for two Phase 2 AML patients and potential antitumor properties of antisense DNA therapy, provide a promising outlook for Bio-Path Holdings' future.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.