Blue Water Biotech, Inc. Announces Notification From Nasdaq Related to Delayed Quarterly Report on Form 10-Q
August 28 2023 - 4:30PM
Blue Water Biotech, Inc. (“Blue Water” or the “Company”), a
biotechnology and pharmaceutical company spanning multiple sectors,
today announced that it received a delinquency notification letter
(“Notice”) from the Listing Qualifications staff of the Nasdaq
Stock Market LLC (“Nasdaq”) on August 22, 2023 due to the Company’s
non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of
the Company’s failure to timely file its Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 2023 (the
“Form 10-Q”). Nasdaq Listing Rule 5250(c)(1) requires listed
companies to timely file all required periodic financial reports
with the Securities and Exchange Commission (the “SEC”).
The Notice states that the Company has 60
calendar days to submit to Nasdaq a plan to regain compliance with
the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan,
then Nasdaq may grant the Company up to 180 calendar days from the
prescribed due date for filing the Form 10-Q or until
February 20, 2024, to regain compliance. If Nasdaq does not accept
the Company’s plan, then the Company will have the opportunity to
appeal that decision to a Nasdaq Hearings Panel.
As previously disclosed, the Company requires
additional time to prepare, review and finalize its financial
statements. The Company is working diligently to complete the Form
10-Q as soon as practicable, but due to the ongoing review of
Company employee expenditures and the classification thereof, as
previously announced in a Form 8-K filed on August 22, 2023, the
Company is not currently in a position to advise when the Form 10-Q
will be filed.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b).
About Blue Water Biotech
Blue Water Biotech, Inc. is a biotechnology and
pharmaceutical company focused on developing and commercializing
transformational therapies to address significant health challenges
globally. Headquartered in Cincinnati, OH, the Company owns
ENTADFI®, an FDA-approved, once daily pill that combines
finasteride and tadalafil for the treatment of benign prostatic
hyperplasia. This combination allows men to receive treatment for
their symptoms of benign prostatic hyperplasia without the negative
sexual side effects typically seen in patients on finasteride
alone. The Company is also in the process of acquiring the approved
therapies from WraSer, LLC, and Xspire Pharma, LLC, including
ZONTIVITY® (reduction of thrombotic cardiovascular events in
patients with myocardial infarction or with peripheral arterial
disease), OTOVEL® (acute otitis media with tympanostomy tubes),
CETRAXAL® (acute otitis externa), CONJUPRI® (hypertension), TREZIX™
(moderate to severe pain) and NALFON® (NSAID treatment for pain and
inflammation). The Company also has a robust preclinical vaccine
pipeline. Blue Water holds the rights to proprietary technology
developed at the University of Oxford, Cincinnati Children’s
Hospital Medical Center, St. Jude Children’s Hospital, and The
University of Texas Health Science Center at San Antonio. Blue
Water is developing a Streptococcus pneumoniae vaccine candidate,
designed to specifically prevent highly infectious middle ear
infections, known as AOM, in children, and prevention of pneumonia
in the elderly. The Company is also developing a universal flu
vaccine that will provide protection from all virulent strains in
addition to licensing a novel norovirus S&P nanoparticle
versatile virus-like particle vaccine platform from Cincinnati
Children’s to develop vaccines for multiple infectious diseases,
including Marburg and monkeypox, among others. Additionally, the
Company is developing a Chlamydia vaccine candidate with UT Health
Science Center San Antonio to prevent infection and reduce the need
for antibiotic treatment associated with contracting Chlamydia
disease. For more information about Blue Water, visit
www.bwbioinc.com.
Media Contact Information:Blue Water Media
RelationsTelephone: (646) 942-5591Email:
Nic.Johnson@russopartnersllc.com
Investor Contact Information:Blue Water Investor RelationsEmail:
investors@bwbioinc.com
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