Matinas BioPharma Announces Notification of NYSE American Continued Listing Deficiency
September 22 2023 - 5:25PM
Matinas BioPharma (NYSE American: MTNB), a clinical-stage
biopharmaceutical company focused on redefining the intracellular
delivery of small molecules and small oligonucleotides with its
lipid nanocrystal (LNC) platform technology, today announced that
it has received a deficiency letter ("Letter") from NYSE American
LLC ("NYSE American" or the "Exchange") stating that the Company is
not in compliance with the continued listing standards as set forth
in Section 1003(f)(v) of the NYSE American Company Guide ("Company
Guide").
The Letter stated that because the Company's
common stock had been trading for a low price per share for a
substantial period of time, the Company was not in compliance with
Section 1003(f)(v) of the Company Guide. The NYSE American staff
determined that the Company's continued listing is predicated on it
demonstrating sustained price improvement within a reasonable
period of time or effecting a reverse stock split of its common
stock by March 21, 2024, which could be extended under certain
circumstances. The Company intends to regain compliance with the
NYSE American’s continued listing standards by undertaking a
measure or measures that are for the best interests of the Company
and its stockholders.
The Letter has no immediate effect on the
listing or trading of the Company’s common stock and the common
stock will continue to trade on the NYSE American under the symbol
“MTNB”. Additionally, the Letter does not result in the immediate
delisting of the Company’s stock from the NYSE American. The
Company’s receipt of the Letter does not affect the Company’s
business, operations or reporting requirements with the Securities
and Exchange Commission. The Company is actively engaged in
discussions with the Exchange and is developing plans to regain
compliance with the NYSE American’s continued listing standards
within the cure period.
About Matinas BioPharmaMatinas
BioPharma is a biopharmaceutical company focused on delivering
groundbreaking therapies using its lipid nanocrystal (LNC) platform
delivery technology.
Matinas’ lead LNC-based therapy is MAT2203, an
oral formulation of the broad-spectrum antifungal drug amphotericin
B, which although highly potent, can be associated with significant
toxicity. Matinas’ LNC platform provides oral delivery of
amphotericin B without the significant nephrotoxicity otherwise
associated with IV-delivered formulations. MAT2203 also allows for
safe, longer-term use outside of a hospital setting, which could
have substantial favorable pharmacoeconomic impact. MAT2203 was
successfully evaluated in the completed Phase 2 EnACT study in
cryptococcal meningitis, meeting its primary endpoint and achieving
robust survival. MAT2203 will be further evaluated as an oral
step-down monotherapy treatment following IV AMB in a single
pivotal Phase 3 study in the treatment of aspergillosis in persons
with limited treatment options who are unable to be treated with
azoles for reasons related to drug-drug interactions, resistance or
for whom these antifungal agents are unable to be used for other
clinical reasons.
In addition to MAT2203, preclinical and clinical
data have demonstrated that this novel technology can potentially
provide solutions to many of the challenges standing in the way of
achieving safe and effective intracellular delivery of both small
molecules and larger, more complex molecular cargos such as RNAi,
antisense oligonucleotides, and vaccines. The combination of its
unique mechanism of action and flexibility with routes of
administration (including oral) positions Matinas’ LNC technology
to potentially become a preferred next-generation orally available
intracellular drug delivery platform. For more information, please
visit www.matinasbiopharma.com.
Forward-looking StatementsThis
press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the Company's ability to regain compliance with the
NYSE American’s continued listing standards, product development,
clinical and regulatory timelines, market opportunity, competitive
position, intellectual property rights, possible or assumed future
results of operations, business strategies, potential growth
opportunities and other statements that are predictive in nature.
These forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate, and management's current beliefs and
assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential," "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's Annual Report on
Form 10-K for the year ended December 31, 2022 as well as other
documents filed by the Company from time to time thereafter with
the Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Investor Contact
LHA Investor RelationsJody Cain
Jcain@lhai.com310-691-7100
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