ANTHERA PHARMACEUTICALS,INC. (NASDAQ:ANTH) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 22, 2018, Anthera Pharmaceuticals,Inc. (the “Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) informing the Company that its most recent Form 10-Q for the period ended March 31, 2018 disclosed that the Company has suspended further clinical development of Sollpura and began to wind down activities including suspending further development of its only other licensed drug compound, blisibimod. The Company is exploring strategic transactions and noted that if a strategic transaction is not consummated, the Company may be required to dissolved or liquidate. In that regard, any strategic transaction that involves a merger or acquisition would likely be a business combination that results in “Change of Control” to Listing Rule 5110(a), which would require the post-transaction entity to satisfy all of Nasdaq’s initial listing criteria and to complete Nasdaq’s initial listing process. Furthermore, the bid price of the Company’s listed common stock was not in compliance with the continued listing requirements due to the bid price closing at less than $1.00 for more than 30 consecutive business days, and as a result, does not comply with Listing Rule 5550(a)(2).
The letter stated that the Company may appeal the Staff’s determination to a Hearings Panel (the “Panel”) within seven days from the receipt of the letter. A hearing request will stay the suspension of the Company’s securities pending the Panel’s decision. The Company intends appeal the Staff’s determination.
About ANTHERA PHARMACEUTICALS,INC. (NASDAQ:ANTH)
Anthera Pharmaceuticals, Inc. (Anthera) is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation, including enzyme replacement therapies and autoimmune diseases. The Company has two Phase III product candidates, liprotamase also known as Sollpura and blisibimod. Sollpura is a non-porcine investigational Pancreatic Enzyme Replacement Therapy (PERT) intended for the treatment of patients with Exocrine Pancreatic Insufficiency (EPI), often seen in patients with cystic fibrosis and other conditions. Blisibimod targets B-cell activating factor (BAFF), which has been shown to be elevated in a range of B-cell mediated autoimmune diseases, including systemic lupus erythematosus (SLE), or lupus, Immunoglobulin A nephropathy (IgA) nephropathy, lupus nephritis and others.