AVIV, Israel, June 17,
2022 /PRNewswire/ -- Galmed Pharmaceuticals Ltd.
(Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage
biopharmaceutical company for liver, metabolic, fibrosis and
inflammatory diseases today announced that the Company received a
letter from the Nasdaq Listing Qualifications (the "Letter"),
indicating that the Company is not in compliance with the minimum
bid price requirement for continued listing set forth in Listing
Rule 5550(a)(2), which requires listed securities to maintain a
minimum bid price of $1.00 per
Further, the Rules also provide the Company a compliance period
of 180 calendar days to regain compliance. According to the Letter,
the Company has from June 15, 2022,
or until December 12, 2022, to regain
compliance with the minimum bid price requirement. The Company can
regain compliance, if at any time during this 180 day period, the
closing bid price of its ordinary shares is at least $1 for a minimum of ten consecutive business
days, in which case the Company will be provided with a written
confirmation of compliance and this matter will be closed. In the
event the Company does not regain compliance after the initial
180-day period, the Company may then be eligible for an additional
time if it meets the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
If the Company cannot demonstrate compliance by the end of the
180-day period, the Nasdaq's staff will notify the Company that its
ordinary shares are subject to delisting.
The Letter has no immediate effect on the Company's Nasdaq
listing or the trading of its ordinary shares, and during the grace
period, as may be extended, Galmed's ordinary shares will continue
to trade on the Nasdaq Capital Market under the symbol "GLMD".
About Galmed Pharmaceuticals Ltd.
Galmed Pharmaceuticals Ltd. is a clinical stage drug development
biopharmaceutical company for liver, metabolic and inflammatory
diseases. Our lead compound, Aramchol™, a backbone drug candidate
for the treatment of NASH and fibrosis is currently in a Phase 3
registrational study. We are also collaborating with the
Hebrew University in the development of
Amilo-5MER, a 5 amino acid synthetic peptide and recently initiated
a first in human study.
This press release may include forward-looking statements.
Forward-looking statements may include, but are not limited to,
statements relating to Galmed's objectives, plans and strategies,
as well as statements, other than historical facts, that address
activities, events or developments that Galmed intends, expects,
projects, believes or anticipates will or may occur in the future.
These statements are often characterized by terminology such as
"believes," "hopes," "may," "anticipates," "should," "intends,"
"plans," "will," "expects," "estimates," "projects," "positioned,"
"strategy" and similar expressions and 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 are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Many factors could cause Galmed's actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: the timing and cost of Galmed's
pivotal Phase 3 ARMOR trial, or the ARMOR Study or any other
pre-clinical or clinical trials; completion and receiving favorable
results of the ARMOR Study for Aramchol or any other pre-clinical
or clinical trial; the impact of the COVID-19 pandemic; regulatory
action with respect to Aramchol or any other product candidate by
the FDA or the EMA; the commercial launch and future sales of
Aramchol or any other future products or product candidates;
Galmed's ability to comply with all applicable post-market
regulatory requirements for Aramchol or any other product candidate
in the countries in which it seeks to market the product; Galmed's
ability to achieve favorable pricing for Aramchol or any other
product candidate; Galmed's expectations regarding the commercial
market for NASH patients or any other indication; third-party payor
reimbursement for Aramchol or any other product candidate; Galmed's
estimates regarding anticipated capital requirements and Galmed's
needs for additional financing; market adoption of Aramchol or any
other product candidate by physicians and patients; the timing,
cost or other aspects of the commercial launch of Aramchol or any
other product candidate; the development and approval of the use of
Aramchol or any other product candidate for additional indications
or in combination therapy; Galmed's expectations regarding
licensing, acquisitions and strategic operations; and the outcome
of any evaluation of Galmed's strategic alternatives. More detailed
information about the risks and uncertainties affecting Galmed is
contained under the heading "Risk Factors" included in Galmed's
most recent Annual Report on Form 20-F filed with the SEC on
May 2, 2022, and in other filings
that Galmed has made and may make with the SEC in the future. The
forward-looking statements contained in this press release are made
as of the date of this press release and reflect Galmed's current
views with respect to future events, and Galmed does not undertake
and specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Galmed Pharmaceuticals Ltd.