Chemomab Therapeutics Regains Compliance With Nasdaq Minimum Bid Price Requirement
26 Julio 2024 - 6:00AM
Chemomab Therapeutics Ltd. (Nasdaq: CMMB) (Chemomab) a clinical
stage biotechnology company developing innovative therapeutics for
fibro-inflammatory diseases with high unmet need, today announced
that it has received a notification letter from the Listing
Qualifications Department of the Nasdaq Stock Market (“Nasdaq”),
informing the Company that it has regained compliance with the
minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2).
Chemomab had previously announced on November 6, 2023, that it
was notified by Nasdaq that it was not in compliance with the
minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2), as the closing bid price of the Company's American
Depositary Shares (“ADSs”) had been below $1.00 for more than 30
consecutive business days.
On July 23, 2024, Nasdaq provided confirmation to the Company
that for the 10 consecutive business days preceding receipt of the
letter, from July 9, 2024 to July 22, 2024, the closing bid price
of the ADSs was $1.00 or greater, that the Company has hence
regained compliance with Listing Rule 5550(a)(2) and that the
matter is now closed.
Forward Looking Statements This press release
contains forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995 that involve substantial risks and uncertainties. All
statements other than statements of historical facts contained in
this presentation, including statements regarding our future
financial condition, results of operations, business strategy and
plans, and objectives of management for future operations, as well
as statements regarding industry trends, are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “estimate,” “intend,” “may,”
“plan,” “potentially” “will” or the negative of these terms or
other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, including, among
other things: the risk that the full data set from the CM-101 study
or data generated in further clinical trials of CM-101 will not be
consistent with the topline results of the CM-101 Phase 2 PSC
trial; failure to obtain, or delays in obtaining, regulatory
approvals for CM-101 in the U.S., Europe or other territories;
failure to successfully commercialize CM-101, if approved by
applicable regulatory authorities, in the U.S., Europe or other
territories, or to maintain U.S., European or other territory
regulatory approval for CM-101 if approved; uncertainties in the
degree of market acceptance of CM-101 by physicians, patients,
third-party payors and others in the healthcare community;
inaccuracies in the Company's estimates of the size of the
potential markets for CM-101 or in data the Company has used to
identify physicians; expected rates of patient uptake, duration of
expected treatment, or expected patient adherence or
discontinuation rates; development of unexpected safety or efficacy
concerns related to CM-101; failure to successfully conduct future
clinical trials for CM-101, including due to the Company's
potential inability to enroll or retain sufficient patients to
conduct and complete the trials or generate data necessary for
regulatory approval, among other things; risks that the Company's
clinical studies will be delayed or that serious side effects will
be identified during drug development; failure of third parties on
which the Company is dependent to manufacture sufficient quantities
of CM-101 for commercial or clinical needs, to conduct the
Company's clinical trials, or to comply with the Company's
agreements or laws and regulations that impact the Company's
business or agreements with the Company; the strength and
enforceability of the Company’s intellectual property rights or the
rights of third parties; the cost and potential reputational damage
resulting from litigation to which the Company may become a party,
including product liability claims; changes in laws and regulations
applicable to the Company's business and failure to comply with
such laws and regulations; business or economic disruptions due to
catastrophes or other events, including natural disasters or public
health crises; and inability to repay the Company's existing
indebtedness and uncertainties with respect to the Company's need
and ability to access future capital; and the intensity and
duration of the current war in Israel, and its impact on our
operations in Israel. These risks are not exhaustive. You should
carefully consider the risks and uncertainties described in the
“Risk Factors” sections of our 20-F for the year ended December 31,
2023. New risk factors emerge from time to time, and it is not
possible for our management to predict all risk factors, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in, or implied
by, any forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
Except as required by law, we undertake no obligation to update
publicly any forward-looking statements for any reason after the
date of this presentation. This presentation shall not constitute
an offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities law of any such state or
jurisdiction.
About Chemomab Therapeutics Ltd.Chemomab is a
clinical stage biotechnology company developing innovative
therapeutics for fibro-inflammatory diseases with high unmet need.
Based on the unique and pivotal role of CCL24 in promoting fibrosis
and inflammation, Chemomab developed CM-101, a monoclonal antibody
that neutralizes CCL24 activity. In clinical and preclinical
studies, CM-101 has been shown to have a favorable safety profile
and has been generally well-tolerated to date, with the potential
to treat multiple severe and life-threatening fibro-inflammatory
diseases. Chemomab has reported positive results from four clinical
trials of CM-101, including a Phase 2 trial in patients with
primary sclerosing cholangitis, a Phase 2a liver fibrosis trial in
patients with metabolic-dysfunction-associated-steatohepatitis, a
Phase 1b study in patients with metabolic dysfunction–associated
fatty liver disease and an investigator-initiated study in patients
with severe lung injury. Chemomab’s CM-101 program for the
treatment of systemic sclerosis is Phase 2-ready with an open U.S.
IND. For more information, visit www.chemomab.com.
Contact:
Media & Investors:Chemomab
TherapeuticsBarbara LindheimConsulting Vice PresidentInvestor &
Public Relations, Strategic CommunicationsPhone: +1
917-355-9234barbara.lindheim@chemomab.com IR@chemomab.com
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