QUEBEC CITY, Dec. 19, 2014 /CNW Telbec/ - Aeterna Zentaris Inc. (NASDAQ: AEZS;TSX: AEZ) (the "Company") announced today that it has received a notice from The NASDAQ Listing Qualifications Department indicating that the Company's minimum bid price has fallen below $1.00 for 30 consecutive business days, and, therefore, was no longer in compliance with NASDAQ Marketplace Rule 5550(a)(2) - bid price. The Company has been provided 180 calendar days, or until June 16, 2015, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days. This notice does not impact the Company's listing on The NASDAQ Capital Market at this time.
Under NASDAQ rule 5810(c)(3)(A) - compliance period, if the Company does not regain compliance within the initial 180-day period, but otherwise meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market (rule 5505 - Capital Market criteria) except for the bid price requirement, and the Company provides NASDAQ with notice of its intention to cure the bid price deficiency, the NASDAQ rules may permit an additional 180 calendar days to regain compliance. If the Company is not eligible for an additional compliance period, NASDAQ will notify the Company that its securities are subject to delisting. At that time, the Company may appeal this determination to delist its securities to a NASDAQ Hearings Panel.
The Company intends to monitor the bid price for its securities between now and June 16, 2015 and will consider all available options to resolve the deficiency and regain compliance with the minimum bid price requirement.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing and commercializing novel treatments in oncology, endocrinology and women's health. For more information, visit www.aezsinc.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the US Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the risk that safety and efficacy data from any of our Phase 3 trials may not coincide with the data analyses from previously reported Phase 1 and/or Phase 2 clinical trials, the ability of the Company to efficiently commercialize one or more of its products or product candidates, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and US securities commissions for additional information on risks and uncertainties relating to forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.
SOURCE: Aeterna Zentaris Inc.
For further information: Paul Burroughs, Director of Communications, (418) 652-8525 ext. 406, [email protected]