AzurRx BioPharma, Inc. (NASDAQ:AZRX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information required by this Item 3.01 is set forth under Item 8.01 of this Current Report on Form 8-K, which is incorporated herein by reference.
As previously disclosed, on December 20, 2019, AzurRx BioPharma, Inc. (the \”Company\”) issued Edward J. Borkowski (\”Borkowski\”), the Chairman of the Board of Directors of the Company, (i) a Senior Convertible Promissory Note (the \”Borkowski Note\”), in the aggregate principal amount of $100,000 (the \”Borkowski Note\”), convertible into shares of the Company\’s common stock, par value $0.001 per share (\”Common Stock\”) at a price of $0.97 per share (the \”Conversion Price\”), and (ii) a warrant to purchase shares of the Company\’s Common Stock with an exercise price of $1.07 per share. This issuance was part of a broader private offering to accredited investors (the \”Private Offering\”), as previously disclosed in the Company\’s Current Reports on Form 8-K filed with the Securities and Exchange Commission on December 30, 2019, January 6, 2020 and January 14, 2020. On May 27, 2020, in connection with ongoing discussions with The Nasdaq Stock Market LLC regarding compliance with Listing Rule 5635 in the context of the Private Offering, the Company determined that its prior issuance of the Borkowski Note was inadvertently not in compliance with Listing Rule 5635(c). To remediate this non-compliance, on June 1, 2020, the Company and Mr. Borkowski promptly entered into an amendment to the Borkowski Note to increase the Conversion Price to $1.07 per share. Accordingly, the non-compliance with Listing Rule 5635(c) was remediated, and the Company is now compliant with Listing Rule 5635(c) with respect to the Borkowski Note. Discussions with The Nasdaq Stock Market LLC remain ongoing regarding compliance with Listing Rule 5635(d).
AzurRx BioPharma, Inc. is a clinical development-stage biopharmaceutical company. The Company is engaged in the research and development of non-systemic biologics for the treatment of patients with gastrointestinal (GI) disorders. The Company’s product pipeline consists of two therapeutic proteins, such as MS1819 and AZX1101. MS1819 is an acid-resistant secreted lipase produced by Yarrowia lipolytica, known as LIP2, that the Company is developing through recombinant deoxyribonucleic acid (DNA) technology for the treatment of exocrine pancreatic insufficiency (EPI), associated with chronic pancreatitis (CP) and cystic fibrosis (CF). AZX1101 is a recombinant-lactamase combination of bacterial origin under development for the prevention of hospital-acquired infections by resistant bacterial strains induced by parenteral administration of b-lactam antibiotics (known as nosocomial infections), as well as the prevention of antibiotic-associated diarrhea (AAD).
