SAN
DIEGO, Dec. 5, 2023 /PRNewswire/ -- Kintara
Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a
biopharmaceutical company focused on the development of new solid
tumor cancer therapies, today announced that it received notice
from the Staff of the Listing Qualifications Department (the
"Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the Staff
has determined to grant the Company an extension of time to regain
compliance with Listing Rule 5550(b) (the "Rule"). The Rule
requires a minimum $2,500,000
stockholders' equity, $35,000,000
market value of listed securities, or $500,000 net income from continuing
operations.
On November 6, 2023, the Company
submitted its plan of compliance to the Staff. On December 4, 2023, the Staff provided notice to
the Company that the Staff had granted an extension until
March 18, 2024 to regain compliance
with the Rule, conditioned upon the Company's achievement of
certain milestones included in the plan of compliance previously
submitted to the Staff.
If the Company fails to evidence compliance upon filing its
periodic report for the quarter ending March
31, 2024 with the SEC and Nasdaq, the Company may be subject
to delisting. In the event the Company does not satisfy these
terms, the Staff will provide written notification that its common
stock will be delisted. At that time, the Company may appeal
Staff's determination to a Nasdaq Hearings Panel (the "Panel"). The
Company would remain listed pending the Panel's
decision. There can be no assurance that if the Company does
appeal a subsequent delisting determination, that such appeal would
be successful.
Nasdaq's extension notice has no immediate effect on the
continued listing status of the Company's common stock on the
Nasdaq Capital Market under the symbol "KTRA".
ABOUT KINTARA
Located in San Diego,
California, Kintara is dedicated to the development of novel
cancer therapies for patients with unmet medical needs. Kintara
develops therapeutics for clear unmet medical needs with reduced
risk development programs. The Company's lead program is
REM-001 Therapy for cutaneous metastatic breast cancer (CMBC).
Kintara has a proprietary, late-stage photodynamic therapy
platform that holds promise as a localized cutaneous, or visceral,
tumor treatment as well as in other potential indications.
REM-001 Therapy, which consists of the laser light source, the
light delivery device, and the REM-001 drug product, has been
previously studied in four Phase 2/3 clinical trials in patients
with CMBC who had previously received chemotherapy and/or failed
radiation therapy. In CMBC, REM-001 has a clinical efficacy to date
of 80% complete responses of CMBC evaluable lesions and an existing
robust safety database of approximately 1,100 patients across
multiple indications.
For more information, please visit www.kintara.com or
follow us on X
at @Kintara_Thera, Facebook and Linkedin.
SAFE HARBOR STATEMENT
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including statements regarding the Company's ability
to regain compliance with the Rule. Any forward-looking statements
contained herein are based on current expectations but are subject
to a number of risks and uncertainties. The factors that could
cause actual future results to differ materially from current
expectations include, but are not limited to, risks and
uncertainties relating to the Company's ability to develop, market
and sell products based on its technology; the status of the
Company's clinical trials; the topline results of the GBM AGILE
Study; the Company's review of strategic alternatives; the expected
benefits and efficacy of the Company's products and technology; the
availability of substantial additional funding for the Company to
continue its operations and to conduct research and development,
clinical studies and future product commercialization; the
Company's business, research, product development, regulatory
approval, marketing and distribution plans and strategies; and
global unrest. These and other factors are identified and
described in more detail in the Company's filings with the SEC,
including the Company's Annual Report on Form 10-K for the year
ended June 30, 2023, the Company's
Quarterly Reports on Form 10-Q, and the Company's Current Reports
on Form 8-K.
CONTACTS
Investors:
Robert E. Hoffman
Kintara
Therapeutics
rhoffman@kintara.com
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SOURCE Kintara Therapeutics