IMUNON Reports Compliance with Nasdaq Listing Requirements
11 April 2024 - 10:00PM
IMUNON, Inc. (NASDAQ: IMNN)
(“IMUNON” or the “Company”), a clinical-stage drug-development
company focused on developing DNA-mediated immuno-oncology
therapies and next-generation vaccines, today announced that on
April 10, 2024, it received written notice from the staff of The
NASDAQ Stock Market LLC (“Nasdaq”) informing the Company that it
has regained compliance with the minimum bid price requirement
under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price
Requirement”) for continued listing on The Nasdaq Capital Market.
Accordingly, IMUNON complies with all applicable listing standards,
and its common stock will maintain its listing on the Nasdaq
Capital Market under the symbol “IMNN.”
IMUNON was notified by Nasdaq on December 26,
2023 that it was not in compliance with the Minimum Bid Price
Requirement because its common stock had failed to meet the closing
bid price of $1.00 or more for 30 consecutive business days. To
regain compliance with the Rule, the Company’s common stock was
required to maintain a minimum closing bid price of $1.00 or more
for at least 10 consecutive trading days. This requirement was met
on April 9, 2024, the 10th consecutive trading day when the
closing bid price of the Company's common stock was over $1.00.
IMUNON’s Executive Chairman, Michael H. Tardugno
said, “Regaining compliance with the Nasdaq Minimum Bid Price
Requirement is an important event as we continue to advance our
dual platform technologies. We are heartened with continued support
from the investment community and remain on track to report topline
results mid-year from the OVATION 2 Study with IMNN-001 in advanced
ovarian cancer. If the interim data are confirmed in the final
readout, the observed PFS benefit would represent a clinically
meaningful outcome supporting a registrational Phase III study.
Further, we remain on track to begin our Phase 1 proof-of-concept
clinical study in the second quarter of 2024 with a seasonal
COVID-19 booster vaccine, following FDA clearance of our IND
application.”
About IMUNON
IMUNON is a clinical-stage biotechnology company
focused on advancing a portfolio of innovative treatments that
harness the body’s natural mechanisms to generate safe, effective
and durable responses across a broad array of human diseases,
constituting a differentiating approach from conventional
therapies. IMUNON is developing its non-viral DNA technology across
its modalities. The first modality, TheraPlas®, is developed for
the coding of proteins and cytokines in the treatment of solid
tumors where an immunological approach is deemed promising. The
second modality, PlaCCine®, is developed for the coding of viral
antigens that can elicit a strong immunological response. This
technology may represent a promising platform for the development
of vaccines in infectious diseases.
The Company’s lead clinical program, IMNN-001,
is a DNA-based immunotherapy for the localized treatment of
advanced ovarian cancer currently in Phase 2 development. IMNN-001
works by instructing the body to produce safe and durable levels of
powerful cancer-fighting molecules, such as interleukin-12 and
interferon gamma, at the tumor site. Additionally, the Company is
entering a first-in-human study of its COVID-19 booster vaccine
(IMNN-101). We will continue to leverage these modalities and to
advance the technological frontier of plasmid DNA to better serve
patients with difficult-to-treat conditions. For more information
on IMUNON, visit www.imunon.com.
Forward-Looking Statements
IMUNON wishes to inform readers that
forward-looking statements in this news release are made pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned that such
forward-looking statements involve risks and uncertainties
including, without limitation, market conditions and the risk that
the Company may not be able to maintain compliance with Nasdaq
listing requirements; unforeseen changes in the course of research
and development activities and in clinical trials, including the
fact that interim results may not be indicative of later results in
such trials; the uncertainties of and difficulties in analyzing
interim clinical data; the timing of expected regulatory and
business milestones; the significant expense, time and risk of
failure of conducting clinical trials; the need for IMUNON to
evaluate its future development plans; possible acquisitions or
licenses of other technologies, assets or businesses; possible
actions by customers, suppliers, competitors or regulatory
authorities; and other risks detailed from time to time in IMUNON’s
filings with the Securities and Exchange Commission. IMUNON assumes
no obligation to update or supplement forward-looking statements
that become untrue because of subsequent events, new information or
otherwise.
Contacts:
IMUNON |
LHA Investor Relations |
Jeffrey W. Church |
Kim Sutton Golodetz |
Executive Vice President, CFO |
212-838-3777 |
and Corporate Secretary |
Kgolodetz@lhai.com |
609-482-2455 |
|
jchurch@imunon.com |
|
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