Eloxx Pharmaceuticals Granted Extension by Nasdaq to Regain Compliance with the Market Value of Listed Securities Continued Listing Requirement
August 03 2023 - 9:26AM
Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX), a leader in ribosomal
RNA-targeted genetic therapies for rare diseases, today announced
that it received notice from the Nasdaq Listing Qualifications
Panel (the “Hearings Panel”) of The Nasdaq Stock Market LLC
(“Nasdaq”) that it has determined to extend the exception granted
on June 2, 2023 to Eloxx Pharmaceuticals, Inc. (the “Company”) to
regain compliance with Listing Rule 5550(b)(2), which requires a
listed company to have at least $35 million in market value of
listed securities in order to qualify for continued listing on the
Nasdaq Capital Market, until October 9, 2023, following a request
for an extension and update submitted by the Company on July 27,
2023.
“The extension granted by the Nasdaq Hearings Panel will allow
us to finish executing on our plan to regain compliance with
Nasdaq’s minimum market value of listed securities requirement,”
said Sumit Aggarwal, President and CEO of Eloxx.
As previously disclosed by the Company, on October 11, 2022,
Nasdaq notified the Company that it no longer complied with the
Market Value of Listed Securities requirement pursuant to Listing
Rule 5550(b)(2). In accordance with Listing Rule 5810(c)(3)(C), the
Company was provided 180 calendar days, or until April 10, 2023, to
regain compliance. On April 11, 2023, Nasdaq notified the Company
that it had determined to delist the Company’s shares as it did not
comply with the requirements for continued listing on the Nasdaq
Capital Market. A hearing on the matter was held on May 18, 2023.
Based on the information presented, Nasdaq granted the Company’s
request for an exception through July 30, 2023 to regain compliance
with the continued listing requirements. On July 27, 2023 the
Company submitted a request for extension and update to the
Hearings Panel and received an extension until October 9, 2023.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is engaged in the science of
ribosome modulation, leveraging its innovative TURBO-ZMTM chemistry
technology platform in an effort to develop novel Ribosome
Modulating Agents (RMAs) and its library of Eukaryotic Ribosome
Selective Glycosides (ERSGs). Eloxx’s lead investigational product
candidate, ELX-02, is a small molecule drug candidate designed to
restore production of full-length functional proteins. ELX-02 is in
Phase 2 clinical development for the treatment of Alport syndrome
in patients with nonsense mutations. For more information, please
visit www.eloxxpharma.com.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of present and
historical facts contained in this press release, including without
limitation, statements regarding our regaining compliance with
Nasdaq's listing requirements, the expected timing of and results
from trials of our product candidates and the potential of our
product candidate to treat nonsense mutations are forward-looking
statements. Forward-looking statements can be identified by the
words “aim,” “may,” “will,” “would,” “should,” “expect,” “explore,”
“plan,” “anticipate,” “could,” “intend,” “target,” “project,”
“contemplate,” “believe,” “estimate,” “predict,” “potential,”
“seeks,” or “continue” or the negative of these terms similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on management's
current plans, estimates, assumptions and projections based on
information currently available to us. Forward-looking statements
are subject to known and unknown risks, uncertainties and
assumptions, and actual results or outcomes may differ materially
from those expressed or implied in the forward-looking statements
due to various important factors, including, but not limited to:
our ability to progress any product candidates in preclinical or
clinical trials; the uncertainty of clinical trial results and the
fact that positive results from preclinical studies are not always
indicative of positive clinical results; the scope, rate and
progress of our preclinical studies and clinical trials and other
research and development activities; the competition for patient
enrollment from drug candidates in development; the impact of the
global COVID-19 pandemic on our clinical trials, operations,
vendors, suppliers, and employees; our ability to obtain the
capital necessary to fund our operations; the cost of filing,
prosecuting, defending and enforcing any patent claims and other
intellectual property rights; our ability to obtain financial in
the future through product licensing, public or private equity or
debt financing or otherwise; our ability to meet the continued
listing requirements of the Nasdaq Capital Market; general business
conditions, regulatory environment, competition and market for our
products; and business ability and judgment of personnel, and the
availability of qualified personnel and other important factors
discussed under the caption “Risk Factors” in our Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2023, as any
such factors may be updated from time to time in our other filings
with the SEC, accessible on the SEC’s website at www.sec.gov and
the “Financials & Filings” page of our website at
https://investors.eloxxpharma.com/financials-filings.
All forward-looking statements speak only as of the date of this
press release and, except as required by applicable law, we have no
obligation to update or revise any forward-looking statements
contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.
Contact
InvestorsJohn
Woolfordjohn.woolford@westwicke.com443.213.0506
MediaLaureen Cassidylaureen@outcomescg.com
Source: Eloxx Pharmaceuticals
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