CERULEAN PHARMA INC. (NASDAQ:CERU) 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 19, 2017, Cerulean Pharma Inc. (the “Company”) received written notification from the NASDAQ Stock Market (“NASDAQ”) indicating that based on the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, the Company’s stockholders’ equity was $7,741,000, and therefore, the Company was not in compliance with NASDAQ Listing Rule 5450(b)(1)(A), which requires a $10,000,000 minimum stockholders’ equity standard. In accordance with such notice, NASDAQ is reviewing the Company’s eligibility for continued listing on the NASDAQ Global Market. The Company has been requested to either provide to NASDAQ, on or before July 3, 2017, its specific plan to achieve and sustain compliance with all NASDAQ Global Market listing requirements and the Company’s time frame to complete its plan or to apply to transfer the Company’s securities to the NASDAQ Capital Market. If the Company submits a plan to achieve compliance with the NASDAQ Global Market listing requirements, and after completion of the review process, NASDAQ determines that such plan is not sufficient, it will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the NASDAQ Staff’s determination to a NASDAQ Listing Qualifications Panel. If the Company applies to transfer its securities to the NASDAQ Capital Market, it will need to meet the NASDAQ Capital Market’s continued listing requirements.
About CERULEAN PHARMA INC. (NASDAQ:CERU)
Cerulean Pharma Inc. is a clinical-stage, oncology-focused company. The Company applies its Dynamic Tumor Targeting platform to develop differentiated therapies. Its platform utilizes nanoparticle-drug conjugates (NDCs), which consist of polymers that are covalently linked to anti-cancer therapeutics or payloads. Its NDC platform is designed to create NDCs that accumulate high concentrations of active drug in tumor cells, without exposure to healthy tissue. Its platform is applicable to a range of payloads. It has created NDCs with a range of small molecule payloads, including Jevtana (cabazitaxel), gemcitabine, methotrexate and Xeljanz (tofacitinib). The Company’s product pipeline consists of CRLX101 and CRLX301. Its CRLX101 is a tumor targeted NDC. Its CRLX301 has docetaxel as its anti-cancer payload. CRLX101 has a camptothecin payload, which is a topoisomerase 1 (topo 1) inhibitor. CRLX301 is designed to concentrate docetaxel in tumor cells and spare healthy tissue. CERULEAN PHARMA INC. (NASDAQ:CERU) Recent Trading Information
CERULEAN PHARMA INC. (NASDAQ:CERU) closed its last trading session up +0.040 at 0.420 with 270,332 shares trading hands.