Biophytis SA (NasdaqCM: BPTS)(Euronext Growth Paris: ALBPS), a clinical-stage biotechnology company focused on the development of therapeutics to slow the degenerative processes of aging and severe respiratory failure in COVID-19 patients, recently received a deficiency notice from The Nasdaq Stock Market, Inc. for not filing financial information for the six-month period ended June 30, 2022. As a result, the Company is no longer compliant with the Nasdaq’s listing rules for continued listing as per Listing Rule 5250(c)(2).
Nasdaq has given the Company 60 days to submit a plan outlining how it intends to regain compliance with Nasdaq’s continued listing requirements by March 6, 2023. If the plan is accepted, Nasdaq may grant the Company an extension of up to 180 days, allowing until June 28, 2023 to regain compliance.
Nasdaq will carefully consider the Company’s Plan to determine if it should be accepted, taking into account factors such as the likelihood of the Filing and periodic filings being completed within the 180-day period, the Company’s history of compliance, the reasons for the late filing, potential corporate events that may take place during the Nasdaq review period, its financial standing, and its public statements.
The Company is taking proactive steps to regain compliance with Listing Rule 5250(c)(2) in order to remain listed on the Nasdaq Capital Market. Working tirelessly to complete and submit the necessary Plan as soon as possible, the Company is aiming to meet the deadline of March 6, 2023.
Biophytis SA is a clinical-stage biotechnology company on a mission to revolutionize the way we age – by developing therapeutics to slow degenerative processes associated with aging and improve functional outcomes for patients suffering from age-related diseases. Our lead drug candidate, Sarconeos (BIO101), is a small molecule administered orally and is currently under development for the treatment of sarcopenia in Phase 3 clinical trials across the United States, Brazil, and Europe. Furthermore, we are running a Phase 2-3 clinical study (COVA) to assess the efficacy of Sarconeos as a treatment for severe respiratory manifestations of COVID-19. We are also developing a pediatric formulation of Sarconeos (BIO101) for the treatment of Duchenne Muscular Dystrophy (DMD). Based in Paris, France, and Cambridge, Massachusetts, our ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and our American Depositary Shares (ADS) are listed on Nasdaq Capital Market (Ticker BPTS – ISIN: US09076G1040).
Biophytis is committed to making forward-looking statements based on reasonable assumptions. However, there are various risks and uncertainties that may affect the accuracy of these statements. To mitigate these risks, it is important to consider all potential risks and uncertainties, including those that may not be immediately apparent. To ensure that these risks are properly managed, Biophytis encourages readers to consult its 2021 Half Year Financial Report, which outlines the potential risks and uncertainties that the Company is facing, as well as the “Risk Factors” section of its Form 20-F and other forms filed with the Securities and Exchange Commission (SEC). Biophytis is dedicated to continually updating and reviewing any forward-looking statements to ensure that all risks are addressed.