TEL
AVIV, Israel, Sept. 22,
2023 /PRNewswire/ —Galmed Pharmaceuticals Ltd.
(Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage
biopharmaceutical company for liver, metabolic and fibrotic
diseases, today announced that the Company received a letter from
the Nasdaq Listing Qualifications (the "Letter"), indicating that
the Company is not in compliance with the minimum bid price
requirement for continued listing set forth in Listing Rule
5550(a)(2), which requires listed securities to maintain a minimum
bid price of $1.00 per share.
Further, the Rules also provide the Company a compliance period
of 180 calendar days to regain compliance. According to the Letter,
the Company has from September 18,
2023, or until March 18, 2024,
to regain compliance with the minimum bid price requirement. The
Company can regain compliance, if at any time during this 180 day
period, the closing bid price of its ordinary shares is at least
$1 for a minimum of ten consecutive
business days, in which case the Company will be provided with a
written confirmation of compliance and this matter will be closed.
In the event the Company does not regain compliance after the
initial 180-day period, the Company may then be eligible for an
additional time if it meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market, with the exception of the
bid price requirement, and will need to provide written notice of
its intention to cure the deficiency during the second compliance
period.
If the Company cannot demonstrate compliance by the end of the
180-day period, the Nasdaq's staff will notify the Company that its
ordinary shares are subject to delisting.
The Letter has no immediate effect on the Company's Nasdaq
listing or the trading of its ordinary shares, and during the grace
period, as may be extended, Galmed's ordinary shares will continue
to trade on the Nasdaq Capital Market under the symbol "GLMD".
About Galmed Pharmaceuticals Ltd.
We are a clinical stage biopharmaceutical company focused on the
development of Aramchol for liver and fibro-inflammatory diseases.
We have focused almost exclusively on developing Aramchol for the
treatment of NASH and are currently developing Aramchol for PSC and
exploring the feasibility of developing Aramchol for other
fibro-inflammatory indications outside of liver disease. We are
also collaborating with the Hebrew
University in the development of Amilo-5MER, a 5 amino acid
synthetic peptide.
Forward-Looking Statements
Forward-looking statements relate to anticipated or expected
events, activities, trends or results as of the date they are made.
Because forward-looking statements relate to matters that have not
yet occurred, these statements are inherently subject to risks and
uncertainties that could cause our actual results to differ
materially from any future results expressed or implied by the
forward-looking statements. Many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, our ability to identify, evaluate and complete any
strategic alternative that yields value for our shareholders; the
timing and cost of our any pre-clinical or clinical trial, for our
product candidates; completion and receiving favorable results of
any pre-clinical or clinical trial; regulatory action with respect
to Aramchol or any other product candidate by the U.S. Food and
Drug Administration, or the FDA, or the European Medicines
Authority, or EMA, including but not limited to acceptance of an
application for marketing authorization, review and approval of
such application, and, if approved, the scope of the approved
indication and labeling; the commercial launch and future sales of
Aramchol and any future product candidates; our ability to comply
with all applicable post-market regulatory requirements for
Aramchol or any other product candidate in the countries in which
we seek to market the product; our ability to achieve favorable
pricing for Aramchol or any other product candidate; our
expectations regarding the commercial market for non-alcoholic
steato-hepatitis, or NASH, in patients or any other targeted
indication; third-party payor reimbursement for Aramchol or any
other product candidate; our estimates regarding anticipated
capital requirements and our needs for additional financing; market
adoption of Aramchol or any other product candidate by physicians
and patients; the timing, cost or other aspects of the commercial
launch of Aramchol or any other product candidate; our ability to
obtain and maintain adequate protection of our intellectual
property; the possibility that we may face third-party claims of
intellectual property infringement; our ability to manufacture our
product candidates in commercial quantities, at an adequate quality
or at an acceptable cost; our ability to establish adequate sales,
marketing and distribution channels; intense competition in our
industry, with competitors having substantially greater financial,
technological, research and development, regulatory and clinical,
manufacturing, marketing and sales, distribution and personnel
resources than we do; the development and approval of the use of
Aramchol or any other product candidate for additional indications
or in combination therapy; our ability to maintain the listing of
our ordinary share on The Nasdaq Capital Market; and our
expectations regarding licensing, acquisitions and strategic
operations. We believe these forward-looking statements are
reasonable; however, these statements are only current predictions
and are subject to known and unknown risks, uncertainties and other
factors that may cause our or our industry's actual results, levels
of activity, performance or achievements to be materially different
from those anticipated by the forward-looking statements. We
discuss many of these risks in our Annual Report on Form 20-F for
the year ended December 31, 2022 filed with the SEC
on March 29, 2023 in greater detail under the heading
"Risk Factors." Given these uncertainties, you should not rely upon
forward-looking statements as predictions of future events. All
forward-looking statements attributable to us or persons acting on
our behalf speak only as of the date hereof and are expressly
qualified in their entirety by the cautionary statements included
in this report. We undertake no obligations to update or revise
forward-looking statements to reflect events or circumstances that
arise after the date made or to reflect the occurrence of
unanticipated events. In evaluating forward-looking statements, you
should consider these risks and uncertainties.
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SOURCE Galmed Pharmaceuticals Ltd.
