ContraVir Pharmaceuticals,Inc. (NASDAQ:CTRV) 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 Ruleor Standard; Transfer of Listing.
As previously disclosed, on June7, 2017, ContraVir Pharmaceuticals,Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC notifying the Company that it was not in compliance with Nasdaq Listing Rule5550(a)(2)(the “Rule”), as the minimum bid price of the Company’s common stock has been below $1.00 per share for 30 consecutive business days.
In accordance with NASDAQ Listing Rule5810(c)(3)(A), the Company had a period of 180 calendar days, or until December4, 2017, to regain compliance with the minimum bid price requirement. On December5, 2017, the Staff notified the Company that it had not regained compliance with the Ruleand was not eligible for a second 180 day period since the Company did not comply with the minimum $5,000,000 stockholders’ equity initial listing requirement for The Nasdaq Capital Market. In that regard, the Company’s stockholders’ equity as of September30, 2017 was reported to be $4,992,765, in the Company’s Form10-Q filed on November14, 2017.
Further, the Staff informed the Company that its common stock would be subject to delisting from The Nasdaq Capital Market unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company has requested a hearing before the Panel, which request will stay any delisting action by the Staff at least pending the issuance of the Panel’s decision following the hearing and the expiration of any extension period that may be granted by the Panel. At the hearing, the Company will present its plan to evidence compliance with the minimum bid price requirement and request an extension of time within which to do so. The Panel has the discretion to grant the Company an extension through no later than June2, 2018. The Company’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “CTRV” at least pending the ultimate conclusion of the hearing process.
About ContraVir Pharmaceuticals,Inc. (NASDAQ:CTRV)
ContraVir Pharmaceuticals, Inc. is a biopharmaceutical company. The Company focuses on the development of antiviral drugs for the treatment of Hepatitis B virus (HBV) infections. The Company develops a range of compounds to treat HBV infection, which include CMX157 and CRV431. The Company is also developing an antiviral asset, FV-100. The Company’s CMX157 is a lipid acyclic nucleoside phosphonate that delivers intracellular concentrations of the active antiviral agent tenofovir diphosphate. The Company has completed a Phase I clinical trial of CMX157. The Company’s CRV431 drug candidate is designed to target cyclophilins, which are a class of proteins. CRV431 inhibits the role of host cyclophilins and interferes in the propagation of the viruses. The Company’s FV-100 is an orally available, small molecule, nucleoside analogue pro-drug of CF-1743, which is used for the treatment of herpes zoster. It has developed FV-100 for the treatment of shingles.
