Acorda Therapeutics Receives Nasdaq Listing Determination Letter and Plans to Request a Hearing
20 Dezember 2022 - 11:30PM
Business Wire
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it
was notified by the Listing Qualifications Staff of The Nasdaq
Stock Market LLC that, due to the Company's common stock not having
regained compliance with the minimum price of $1.00, the stock is
subject to delisting unless the Company timely requests a hearing
before the Nasdaq Hearings Panel. The Company plans to submit such
request within the required seven calendar days, which will stay
any suspension or delisting action pending the hearing and the
expiration of any additional extension period granted by the
Hearings Panel following the hearing. The Hearings Panel has the
discretion to grant the Company an extension through June 17,
2023.
At the hearing, the Company intends to present a plan to achieve
compliance with the Nasdaq listing requirements and to request
additional time to regain such compliance. In the event that the
Company receives an extension but cannot regain compliance within
the extended time, the Company would effect a reverse stock split
under authorization from stockholders received in November 2022.
There can be no assurance that the Panel will grant the Company an
extension or that the Company will ultimately regain compliance
with all applicable requirements for continued listing on The
Nasdaq Global Select Market.
“We believe it is in the best interests of shareholders to allow
the stock price to grow organically rather than effecting a reverse
stock split, and will discuss this and our long-term plan with the
Hearings Panel,” said Ron Cohen, M.D., Acorda’s President and Chief
Executive Officer.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and
improve the lives of people with neurological disorders. INBRIJA®
is approved for intermittent treatment of OFF episodes in adults
with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA
is not to be used by patients who take or have taken a nonselective
monoamine oxidase inhibitor such as phenelzine or tranylcypromine
within the last two weeks. INBRIJA utilizes Acorda’s innovative
ARCUS® pulmonary delivery system, a technology platform designed to
deliver medication through inhalation. Acorda also markets the
branded AMPYRA® (dalfampridine) Extended Release Tablets, 10
mg.
Forward-Looking Statements
This press release includes forward-looking statements. All
statements, other than statements of historical facts, regarding
management's expectations, beliefs, goals, plans or prospects
should be considered forward-looking. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially, including: we may not be able to successfully
market AMPYRA, INBRIJA or any other products under development; the
COVID-19 pandemic, including related restrictions on in-person
interactions and travel, and the potential for illness, quarantines
and vaccine mandates affecting our management, employees or
consultants or those that work for other companies we rely upon,
could have a material adverse effect on our business operations or
product sales; our ability to attract and retain key management and
other personnel, or maintain access to expert advisors; our ability
to raise additional funds to finance our operations, repay
outstanding indebtedness or satisfy other obligations, and our
ability to control our costs or reduce planned expenditures; risks
associated with the trading of our common stock; risks related to
the successful implementation of our business plan, including the
accuracy of its key assumptions; risks related to our corporate
restructurings, including our ability to outsource certain
operations, realize expected cost savings and maintain the
workforce needed for continued operations; risks associated with
complex, regulated manufacturing processes for pharmaceuticals,
which could affect whether we have sufficient commercial supply of
INBRIJA or AMPYRA to meet market demand; our reliance on
third-party manufacturers for the timely production of commercial
supplies of INBRIJA and AMPYRA; third-party payers (including
governmental agencies) may not reimburse for the use of INBRIJA or
AMPYRA at acceptable rates or at all and may impose restrictive
prior authorization requirements that limit or block prescriptions;
reliance on collaborators and distributors to commercialize INBRIJA
and AMPYRA outside the U.S.; our ability to satisfy our obligations
to distributors and collaboration partners outside the U.S.
relating to commercialization and supply of INBRIJA and AMPYRA;
competition for INBRIJA and AMPYRA, including increasing
competition and accompanying loss of revenues in the U.S. from
generic versions of AMPYRA (dalfampridine) following our loss of
patent exclusivity; the ability to realize the benefits anticipated
from acquisitions because, among other reasons, acquired
development programs are generally subject to all the risks
inherent in the drug development process and our knowledge of the
risks specifically relevant to acquired programs generally improves
over time; the risk of unfavorable results from future studies of
INBRIJA (levodopa inhalation powder) or from other research and
development programs, or any other acquired or in-licensed
programs; the occurrence of adverse safety events with our
products; the outcome (by judgment or settlement) and costs of
legal, administrative or regulatory proceedings, investigations or
inspections, including, without limitation, collective,
representative or class-action litigation; failure to protect our
intellectual property, to defend against the intellectual property
claims of others or to obtain third-party intellectual property
licenses needed for the commercialization of our products; and
failure to comply with regulatory requirements could result in
adverse action by regulatory agencies.
These and other risks are described in greater detail in our
filings with the Securities and Exchange Commission. We may not
actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221220005771/en/
Tierney Saccavino (917) 783-0251 tsaccavino@acorda.com
Acorda Therapeutics (NASDAQ:ACOR)
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