EYEGATE PHARMACEUTICALS, INC. (NASDAQ:EYEG) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On April 12, 2017, EyeGate Pharmaceuticals, Inc. (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“NASDAQ”), notifying the Company that as of April 5, 2017, the Company was not in compliance with NASDAQ Listing Rule 5550(b)(1), as the Company did not maintain a minimum required stockholders’ equity of $2.5 million, or NASDAQ Listing Rule 5550(b)(2), as the market value of the Company’s listed securities (“MVLS”) was below the minimum $35 million for the previous 30 consecutive business days, or NASDAQ Listing Rule 5550(b)(3), as the Company had not had net income from continuing operations in the latest fiscal year or in two of the last three fiscal years. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a period of 180 calendar days, or until October 2, 2017, to regain compliance with the Rule. To regain compliance, at any time during the 180 calendar day-compliance period the Company’s MVLS must close at $35 million or more for a minimum of 10 consecutive business days or the Company must report stockholders’ equity of at least $2.5 million. The notice has no present impact on the listing of the Company’s securities on NASDAQ.
In the event that the Company does not regain compliance with either Listing Rule 5550(b)(1) or Listing Rule 5550(b)(2) prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel to the procedures set forth in the applicable Nasdaq Listing Rules.
The Company intends to actively monitor its market value of listed securities between now and October 2, 2017, and will consider available options to resolve the deficiency and regain compliance with Listing Rule 5550(b).
About EYEGATE PHARMACEUTICALS, INC. (NASDAQ:EYEG)
Eyegate Pharmaceuticals, Inc. is a clinical-stage specialty pharmaceutical company. The Company is focused on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye. The Company’s lead product, EGP-437, incorporates a reformulated topically active corticosteroid, dexamethasone phosphate, which is delivered into the ocular tissues through its drug delivery system, the EyeGate II Delivery System. The Company is developing EGP-437 for the treatment of various inflammatory conditions of the eye, including uveitis, a debilitating form of intraocular inflammation of the anterior portion of the uvea, such as the iris and/or ciliary body, and macular edema, an abnormal thickening of the macula associated with the accumulation of excess fluids in the extracellular space of the neurosensory retina. The EyeGate II Delivery System is designed to deliver optimal quantities of drugs to the anterior or posterior segments of the eye. EYEGATE PHARMACEUTICALS, INC. (NASDAQ:EYEG) Recent Trading Information
EYEGATE PHARMACEUTICALS, INC. (NASDAQ:EYEG) closed its last trading session up +0.05 at 2.27 with 33,165 shares trading hands.
