ROCKVILLE, Md., Nov. 27, 2019 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a diversified clinical-stage
company leveraging the microbiome to develop therapeutics designed
to prevent and treat gastrointestinal (GI) diseases in areas of
high unmet need, today announced it has received written
communication from NYSE American LLC (the "Exchange"), the
Company's current listing exchange, stating that it is not in
compliance with certain continued listing standards as set forth in
the NYSE American Company Guide. Based on the Company's quarterly
report on Form 10-Q for the quarter ended September 30, 2019, which was filed with the
Securities and Exchange Commission (SEC) on November 4, 2019, the Company is below compliance
with Part 10, Section 1003 of the NYSE American Company Guide since
it reported stockholders' equity of $4.9
million and net losses in five of its most recent fiscal
years as of September 30, 2019.
In order to maintain its listing, the Company intends to submit
a plan of compliance by December 26,
2019 addressing how it intends to regain compliance with
certain Exchange continued listing standards by November 25, 2020. If the plan is accepted, the
Company shall maintain its listing but will be subject to periodic
reviews by the Exchange. The Company is pursuing options to address
the Exchange's notification and intends to submit a plan of
compliance on or before the deadline set forth by the Exchange.
The NYSE American notification does not affect the Company's
business operations or the listing of the Company's shares on the
Exchange, and does not represent any change or amendment to the
Company's consolidated financial statements or to its quarterly
reports for the quarter ended September 30,
2019 or to its annual report on Form 10-K for the year ended
December 31, 2018.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a diversified
clinical-stage company leveraging the microbiome to develop
therapeutics designed to prevent and treat gastrointestinal (GI)
diseases in areas of high unmet need. The Company's lead candidates
are: (1) SYN-004 (ribaxamase) which is designed to degrade certain
commonly used intravenous (IV) beta-lactam antibiotics within the
gastrointestinal (GI) tract to prevent microbiome damage, C.
difficile infection (CDI), overgrowth of pathogenic organisms,
the emergence of antimicrobial resistance (AMR) and acute
graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell
transplant (HCT) recipients, and (2) SYN-010, which is intended to
reduce the impact of methane-producing organisms in the gut
microbiome to treat an underlying cause of irritable bowel syndrome
with constipation (IBS-C). The Company is also advancing SYN-020,
an oral formulation of the enzyme intestinal alkaline phosphatase
(IAP) to treat both local GI and systemic diseases. For more
information, please visit Synthetic Biologics' website at
www.syntheticbiologics.com.
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions, and include statements
regarding Synthetic Biologics' intended submission of a plan
by the December 26,
2019 deadline that will be acceptable to the
Exchange, the ability to regain compliance with the continued
listing standards by November 25,
2020 and the potential benefits of SYN-004 and
SYN-010. These forward-looking statements are based on
management's expectations and assumptions as of the date of this
press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, Synthetic Biologics' ability to
submit a plan by the December 26,
2019 deadline that will be acceptable to the
Exchange, Synthetic Biologics' ability to regain compliance with
the continued listing standards by November 25, 2020, Synthetic
Biologics'ability to comply with other continued listing
requirements of the NYSE American, a failure to receive the
necessary regulatory approvals for commercialization of Synthetic
Biologics' therapeutics, a failure of Synthetic Biologics' clinical
trials, and those conducted by investigators, for SYN-004 and
SYN-010 to be commenced or completed on time or to achieve desired
results and benefits, a failure of Synthetic Biologics' clinical
trials to continue enrollment as expected or receive anticipated
funding, a failure of Synthetic Biologics to successfully develop,
market or sell its products, Synthetic Biologics' inability to
maintain its material licensing agreements, or a failure by
Synthetic Biologics or its strategic partners to successfully
commercialize products and other factors described in Synthetic
Biologics' most recent Form 10-K and its other filings with the
SEC, including subsequent periodic reports on Forms 10-Q and 8-K.
The information in this release is provided only as of the date of
this release, and Synthetic Biologics undertakes no obligation to
update any forward-looking statements contained in this release on
account of new information, future events, or otherwise, except as
required by law.
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SOURCE Synthetic Biologics, Inc.