PainReform Announces Receipt of Nasdaq Notice Regarding Minimum Stockholders’ Equity Requirement
07 Novembro 2024 - 7:00PM
PainReform Ltd. (Nasdaq: PRFX) ("
PainReform" or
the "
Company"), a clinical-stage specialty
pharmaceutical company focused on the reformulation of established
therapeutics, today announced that it has received a
notification from the Listing Qualifications Department of the
Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that it no
longer satisfied the minimum $2.5 million stockholders’ equity
requirement for continued listing on Nasdaq set forth in Nasdaq
Listing Rule 5550(b)(1) (the “Minimum Equity Rule”) or,
alternatively, the requirement that the Company either maintain a
market value of listed securities of at least $35 million or
generate net income from continuing operations of $500,000 in the
most recently completed fiscal year or two of the last three most
recently completed fiscal years.
The notification from Nasdaq has no immediate
effect on PainReform’s business or the listing or trading of
PainReform’s ordinary shares which continue to trade on the Nasdaq
Capital Market under the symbol “PRFX.”
PainReform has 45 days from the date of the
notice, or until December 19, 2024, to submit to Nasdaq a plan to
regain compliance with the Minimum Equity Rule or an alternative
continued listing standard. If the plan is accepted, Nasdaq may
grant an extension of up to 180 calendar days from the date of the
notice, or until May 3, 2025, for the Company to regain
compliance.
About PainReform
PainReform is a clinical-stage specialty
pharmaceutical company focused on the reformulation of established
therapeutics. PRF-110, the Company's lead product, is based on the
local anesthetic ropivacaine, targeting the postoperative pain
relief market. PRF-110 is an oil-based, viscous, clear solution
that is deposited directly into the surgical wound bed prior to
closure to provide localized and extended postoperative analgesia.
The Company's proprietary extended-release drug-delivery system is
designed to provide an extended period of post-surgical pain relief
without the need for repeated dose administration while reducing
the potential need for the use of opiates. For more information,
please visit www.painreform.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking
statements about our expectations, beliefs and intentions including
with respect to objectives, plans and strategies and expected
timing of results. Forward-looking statements can be identified by
the use of forward-looking words such as "believe", "expect",
"intend", "plan", "may", "should", "could", "might", "seek",
"target", "will", "project", "forecast", "continue" or "anticipate"
or their negatives or variations of these words or other comparable
words or by the fact that these statements do not relate strictly
to historical matters. For example, the Company is using
forward-looking statements when it discusses the timing and
completion of the offering, the satisfaction of customary closing
conditions related to the offering and the intended use of proceeds
therefrom. These forward-looking statements are based on
assumptions and assessments made in light of management's
experience and perception of historical trends, current conditions,
expected future developments and other factors believed to be
appropriate. Forward-looking statements in this press release are
made as of the date of this press release, and we undertake no duty
to update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties, many of which are outside of our control. Many
factors could cause our actual activities or results to differ
materially from the activities and results anticipated in
forward-looking statements, including, but not limited to, the
following: our ability to continue as a going concern, our history
of significant losses, our need to raise additional capital and our
ability to obtain additional capital on acceptable terms, or at
all; our dependence on the success of our initial product
candidate, PRF-110; the outcomes of preclinical studies, clinical
trials and other research regarding PRF-110 and future product
candidates; our limited experience managing clinical trials; our
ability to retain key personnel and recruit additional employees;
our reliance on third parties for the conduct of clinical trials,
product manufacturing and development; the impact of competition
and new technologies; our ability to comply with regulatory
requirements relating to the development and marketing of our
product candidates; commercial success and market acceptance of our
product candidates; our ability to establish sales and marketing
capabilities or enter into agreements with third parties and our
reliance on third party distributors and resellers; our ability to
establish and maintain strategic partnerships and other corporate
collaborations; the implementation of our business model and
strategic plans for our business and product candidates; the scope
of protection we are able to establish and maintain for
intellectual property rights and our ability to operate our
business without infringing the intellectual property rights of
others; the overall global economic environment; our ability to
develop an active trading market for our ordinary shares and
whether the market price of our ordinary shares is volatile; and
statements as to the impact of the political and security situation
in Israel on our business, including due to the current war between
Israel and Hamas. More detailed information about the risks and
uncertainties affecting us is contained under the heading "Risk
Factors" included in the Company's most recent Annual Report on
Form 20-F and in other filings that we have made and may make with
the Securities and Exchange Commission in the future.
Crescendo Communications, LLCTel: 212-671-1021Email:
prfx@crescendo-ir.com
Dr. Ehud GellerChairman and interim Chief Executive
OfficerPainReform Ltd.Tel:
+972-54-4236711Email: egeller@medicavp.com
PainReform (NASDAQ:PRFX)
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