HOLON, Israel, Nov. 3, 2023
/PRNewswire/ -- Compugen Ltd. (Nasdaq: CGEN) (TASE: CGEN) a
clinical-stage cancer immunotherapy company and a pioneer in
computational target discovery, announced today that on
November 3, 2023, it received a
notification letter from the Listing Qualifications Department of
The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that
its ordinary shares failed to maintain a minimum bid price of
$1.00 over the previous 30
consecutive business days as required by Nasdaq Listing Rule
5550(a)(2) (the "Minimum Bid Price Requirement"). The receipt of
the Nasdaq notification letter does not result in the immediate
delisting of the Company's ordinary shares from the Nasdaq Capital
Market and has no current immediate effect on the listing or
trading of the Company's ordinary shares on the Nasdaq Capital
Market, under symbol "CGEN."
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days from the date of the
notification letter from Nasdaq, or until May 1, 2024, to regain compliance with the
Minimum Bid Price Requirement. If at any time before May 1, 2024, the closing bid price of the
Company's ordinary shares is at least $1.00 for a minimum of 10 consecutive business
days, unless Nasdaq exercises its discretion to extend this 10 day
period pursuant to Rule 5810(c)(3)(H), the Company will be deemed
to have regained compliance with the Minimum Bid Price Requirement,
following which, Nasdaq will provide a written confirmation of
compliance and the matter will be closed.
In the event that Compugen does not regain compliance by
May 1, 2024, the Company may be
eligible for an additional 180 calendar day grace period provided
that it meets the applicable standards for initial listing of its
ordinary shares on the Nasdaq Capital Market (other than the
Minimum Bid Price Requirement). To be eligible, the Company will
also need to provide a written notice of its intention to cure the
deficiency during this second compliance period by effecting a
reverse share split, if necessary. If the Company does not regain
compliance with the Minimum Bid Price Requirement during the second
180 calendar day grace period (by November
9, 2024), and is ineligible for an additional grace period,
Nasdaq will provide written notice that the ordinary shares of the
Company are subject to delisting from the Nasdaq Capital Market. In
that event, the Company may appeal the determination to a Nasdaq
hearings panel.
Compugen intends to monitor the closing bid price of its
ordinary shares. Receipt of the Nasdaq notification letter has no
effect on the Company's business operations.
About Compugen
Compugen is a clinical-stage therapeutic discovery and
development company utilizing its broadly applicable predictive
computational discovery capabilities to identify new drug targets
and biological pathways for developing cancer
immunotherapies. Compugen has developed two proprietary
product candidates: COM701, a potential first-in-class anti-PVRIG
antibody and COM902, a potential best-in-class antibody
targeting TIGIT for the treatment of solid tumors. Compugen also
has a clinical stage partnered program, rilvegostomig (previously
AZD2936), a PD-1/TIGIT bi-specific derived from COM902, in Phase 2
development by AstraZeneca through a license agreement for the
development of bi-specific and multi-specific antibodies. In
addition, the Company's therapeutic pipeline of
early-stage immuno-oncology programs consists of programs
aiming to address various mechanisms of immune resistance. The most
advanced program, COM503, is in IND enabling studies. COM503 is a
potential first-in-class, high affinity antibody which blocks the
interaction between IL-18 binding protein and IL-18, thereby
freeing natural IL-18 to inhibit cancer growth in the tumor
microenvironment. Compugen is headquartered in Israel, with offices in San Francisco, CA. Compugen's shares are
listed on Nasdaq and the Tel Aviv Stock Exchange under the
ticker symbol CGEN.
Company contact:
Yvonne
Naughton, Ph.D.
Head of Investor Relations and Corporate Communications
Email: ir@cgen.com
Tel: +1 (628) 241-0071
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SOURCE Compugen Ltd.
