Orphazyme Begins Delisting ADSs From Nasdaq
22 March 2022 - 11:02PM
Dow Jones News
By Chris Wack
Orphazyme A/S said it has begun to voluntarily delist its
American depositary shares representing its ordinary shares from
Nasdaq Global Select Market.
The delisting is expected to become effective on March 31, it
said.
Following the delisting of its ADSs from Nasdaq Global, the
company intends to file a Form 15 with the U.S. Securities and
Exchange Commission to suspend its reporting obligations under the
Securities Exchange Act of 1934. The company said it expects that
the deregistration of the ADSs and the underlying ordinary shares
will become effective 90 days after the filing of Form 25 with the
SEC.
Orphazyme also said that, after the receipt of a "negative trend
vote" by the Committee for Medicinal Products for Human Use, or
CHMP, on Feb. 23, the company has decided to withdraw its European
marketing authorization application for arimoclomol for the
treatment of Niemann-Pick disease Type C ahead of a final vote and
opinion by the CHMP on the application scheduled for later this
month.
Orphazyme said it is currently under an in-court restructuring
and has reduced its workforce by 50% to reduce costs as it seeks to
explore whether a basis can be established for all or part of the
company's operations to continue, including a sale of all or parts
of its assets.
The company said it is continuing to work toward resubmission of
its new-drug application for arimoclomol to the U.S. Food and Drug
Administration, and plans to request a Type C meeting in the second
quarter of 2022.
Orphazyme shares were down 9% to 77 cents a share.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 22, 2022 07:47 ET (11:47 GMT)
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