REHOVOT, Israel - Purple Biotech Ltd. (NASDAQ/TASE: PPBT), a clinical-stage company specializing in oncology therapies, announced on Wednesday that it has received a 180-day extension from Nasdaq to meet the stock market's minimum bid price requirement. The company now has until January 21, 2025, to ensure its American Depositary Share (ADS) price closes at or above $1.00 for a minimum of 10 consecutive business days.
The extension by the Listing Qualifications Department of The Nasdaq Stock Market is crucial for Purple Biotech to maintain its listing on the Nasdaq Capital Market. During this period, the company's ADSs will continue to be listed and traded under the ticker symbol "PPBT," provided it adheres to other Nasdaq listing standards.
Purple Biotech's current focus is on developing therapies that aim to counteract tumor immune evasion and drug resistance. Their pipeline includes NT219, CM24, and IM1240, with NT219 undergoing a concluded Phase 1 study and a planned Phase 2 study in combination with cetuximab for treating recurrent and/or metastatic squamous cell carcinoma of the head and neck (SCCHN).
CM24, a monoclonal antibody, is in a Phase 2 study combined with nivolumab and chemotherapy for pancreatic ductal adenocarcinoma (PDAC), under a clinical collaboration with Bristol Myers (NYSE:BMY) Squibb.
The company is also progressing a preclinical platform of tri-specific antibodies designed to activate a strong immune response in the tumor microenvironment. Their lead tribody, IM1240, targets the 5T4 antigen found in various solid tumors.
This extension does not affect Purple Biotech's standing on the Tel Aviv Stock Exchange, where its ordinary shares are also traded under the symbol "PPBT." The company has stated its intention to monitor its ADS closing bid price and explore options to regain compliance within the allotted timeframe.
The information presented is based on a press release statement from Purple Biotech Ltd. and does not reflect the views or opinions of the Wall Street Journal.
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