Allarity Therapeutics Receives Extension from Nasdaq Hearings Panel to Regain Compliance with Listing Rules 5550(a)(2) and 5550(b)(1)
25 März 2024 - 12:30PM
Boston (March 25, 2024) — Allarity
Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a
clinical-stage pharmaceutical company dedicated to developing
personalized cancer treatments, today announced that the Company
has been granted a formal extension until April 24, 2024 to regain
compliance under Nasdaq Listing Rules 5550(a)(2) (the “Bid Price
Rule”) and 5550(b)(1) (the “Equity Rule”) or any of the alternative
requirements in Listing Rule 5550(b).
The granting of the extension follows a proactive effort by the
Company to address compliance deficiencies and the presentation of
a strategic plan to the Nasdaq Hearings Panel on February 1, 2024.
The plan contained both immediate and sustained measures aimed at
ensuring compliance with both the Bid Price Rule and the Equity
Rule.
To ensure compliance with the rules of The Nasdaq Capital Market
(“Nasdaq”) by April 24, 2024, or sooner, the Company is working
towards achieving a stockholders' equity of at least $2.5 million
and a minimum bid price of $1.00 per share or more for a minimum of
10 consecutive business days. The plan presented encompasses a
series of decisive steps, including a comprehensive review and
reduction of operating costs, the potential conversion of existing
liabilities, and the pursuit of additional capital through separate
sources of short-term and longer-term strategic financing. This
multifaceted plan is currently being implemented and not only aims
to meet Nasdaq’s immediate compliance requirements but also to
strengthen the Company’s general financial position and operational
efficiency.
Interim CEO Thomas Jensen stated, “We interpret this as Nasdaq's
recognition of our efforts and confidence in our ability to execute
this plan effectively. We are determined to attempt to fulfill
these compliance measures promptly, reaffirming our responsibility
to our shareholders to keep advancing the company towards our goal
of developing novel personalized cancer treatments.”
Nasdaq's extension notice has no immediate effect on the listing
or trading of Allarity’s Common Stock, which will continue to trade
on Nasdaq under the symbol "ALLR."
About the Drug Response Predictor – DRP® Companion
DiagnosticAllarity uses its drug-specific DRP® to select
those patients who, by the expression signature of their cancer,
are found to have a high likelihood of benefiting from a specific
drug. By screening patients before treatment, and only treating
those patients with a sufficiently high, drug-specific DRP score,
the therapeutic benefit rate may be significantly increased. The
DRP method builds on the comparison of sensitive vs. resistant
human cancer cell lines, including transcriptomic information from
cell lines combined with clinical tumor biology filters and prior
clinical trial outcomes. DRP is based on messenger RNA expression
profiles from patient biopsies. The DRP® platform has proven its
ability to provide a statistically significant prediction of the
clinical outcome from drug treatment in cancer patients in 37 out
of 47 clinical studies that were examined (both retrospective and
prospective). The DRP platform, which can be used in all cancer
types and is patented for more than 70 anti-cancer drugs, has been
extensively published in the peer-reviewed literature.
About Allarity TherapeuticsAllarity
Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage
biopharmaceutical company dedicated to developing personalized
cancer treatments. The Company is focused on development of
stenoparib, a novel PARP/Tankyrase inhibitor for advanced ovarian
cancer patients, using its DRP® companion diagnostic for patient
selection in the ongoing phase 2 clinical trial, NCT03878849.
Allarity is headquartered in the U.S., with a research facility in
Denmark, and is committed to addressing significant unmet medical
needs in cancer treatment. For more information, visit
www.allarity.com.
Follow Allarity on Social MediaLinkedIn:
https://www.linkedin.com/company/allaritytx/X:
https://twitter.com/allaritytx
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide the Company’s current expectations or forecasts
of future events. The words “anticipates,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predicts,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements include, but
are not limited to, statements relating to regaining compliance
with Nasdaq’s continued listing requirements, the timing and effect
thereof as well as potentially effecting a reverse stock split to
increase the per-share price, reducing operating expenses,
converting debt and raising additional capital and the
effectiveness of the Company’s DRP® companion diagnostics platform
in predicting whether a particular patient is likely to respond to
a specific drug. Any forward-looking statements in this press
release are based on management’s current expectations of future
events and are subject to multiple risks and uncertainties that
could cause actual results to differ materially and adversely from
those set forth in or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to, the
risk that the Company is not able to effect a reverse stock split,
reduce operating expenses, convert debt and raise additional
capital. For a discussion of other risks and uncertainties, and
other important factors, any of which could cause our actual
results to differ from those contained in the forward-looking
statements, see the section entitled “Risk Factors” in our Form S-1
registration statement filed on October 30, 2023, as amended and
our Form 10-K annual report on file with the Securities and
Exchange Commission (the “SEC”), available at the SEC’s website at
www.sec.gov, and as well as discussions of potential risks,
uncertainties and other important factors in the Company’s
subsequent filings with the SEC. All information in this press
release is as of the date of the release, and the Company
undertakes no duty to update this information unless required by
law.
###
Company Contact:
investorrelations@allarity.com Media
Contact: Thomas
Pedersen Carrotize
PR &
Communications +45
6062
9390 tsp@carrotize.com
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