MIAMI - Avenue Therapeutics, Inc. (NASDAQ:ATXI), a pharmaceutical company specializing in neurologic therapies, received approval from the Nasdaq Hearings Panel for an extension to meet continued listing requirements on The Nasdaq Capital Market. The company now has until May 20, 2024, to comply with the $1.00 bid price and $2.5 million stockholders' equity criteria.
The decision, dated March 11, 2024, allows Avenue Therapeutics additional time to explore options to maintain its Nasdaq listing. While the company is actively considering various strategies, there is no certainty that it will achieve compliance within the extended timeframe.
Avenue Therapeutics, headquartered in Miami, is currently developing a portfolio of pharmaceutical candidates, including AJ201 for spinal and bulbar muscular atrophy, BAER-101 for central nervous system diseases, and IV tramadol for managing acute postoperative pain in adults. The latter is in Phase 3 clinical development.
The company, founded by Fortress Biotech, Inc. (NASDAQ:FBIO), is working towards the clinical and commercial advancement of its products. However, as with any pharmaceutical company, the development process involves significant risks and uncertainties, including clinical trials, regulatory approvals, and market acceptance.
The press release also includes forward-looking statements, which are based on current management expectations and are subject to various risks and uncertainties that could cause actual results to differ materially. Avenue Therapeutics emphasizes that it does not intend to update these forward-looking statements beyond the press release.
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