OHR Pharmaceutical, Inc. (NASDAQ:OHRP) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On April 6, 2017, Ohr Pharaceutical, Inc,. (the Company) received
a written notice (the Notice) from NASDAQ Stock Market LLC
(Nasdaq) that the Company has not been in compliance with the
minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2) for a period of 30 consecutive business days. Nasdaq
Listing Rule 5550(a)(2) requires listed securities to maintain a
minimum closing bid price of $1.00 per share, and Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the minimum
closing bid price requirement exists if the deficiency continues
for a period of 30 consecutive business days. The Notice has no
immediate effect on the listing of the Company’s common stock on
the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
is provided a compliance period of 180 calendar days from the
date of the Notice, or until October 3, 2017, to regain
compliance with the minimum closing bid price requirement. If the
Company does not regain compliance during the compliance period
ending October 3, 2017, the Company may be afforded a second 180
calendar day period to regain compliance. To qualify for the
second compliance period, the Company must (i) meet the continued
listing requirement for market value of publicly-held shares and
all other initial listing standards for the Nasdaq Capital
Market, with the exception of the minimum closing bid price
requirement and (ii) notify Nasdaq of its intent to cure the
deficiency. The Company can achieve compliance with the minimum
closing bid price requirement if, during either compliance
period, the minimum closing bid price per share of the Company’s
common stock is at least $1.00 for a minimum of ten consecutive
business days.
The Company plans to carefully assess potential actions to regain
compliance. However, the Company may be unable to regain
compliance with the minimum closing bid price requirement during
the compliance period(s), in which case the Company anticipates
Nasdaq will provide a notice to the Company that its shares of
common stock are subject to delisting.
| Item 8.01 | Other Events. |
On April 10, 2017, the Company issued a press release announcing
that it closed a public offering of common stock and warrants.
The press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
On April 10, 2017, the Company issued a press release providing
an update on the Companys ongoing Squalamine clinical trial in
Wet-AMD. The press release is attached as Exhibit 99.2 to this
Current Report on Form 8-K and is incorporated herein by
reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits:
99.1Press release dated April 10, 2017
99.2Press release dated April 10, 2017
About OHR Pharmaceutical, Inc. (NASDAQ:OHRP)
Ohr Pharmaceutical, Inc. is a pharmaceutical company focused on the development of therapeutics and delivery technologies for the treatment of ocular disease. The Company’s development pipeline consists of several programs and indications at various stages of development. Its product pipeline includes Squalamine Lactate Ophthalmic Solution 0.2% (Squalamine, also known as OHR-102), SKS Sustained Release Ocular Drug Delivery Platform Technology, Animal Model for Dry- Age-Related Macular Degeneration (AMD) and Non-Ophthalmology Assets. OHR-102 is a therapeutic product that provides a non-invasive therapy to improve vision outcomes. The SKS sustained release technology is designed to develop drug formulations for ocular disease. In the Company’s animal model for dry-AMD, mice are immunized with a carboxyethylpyrrole, which is bound to mouse serum albumin. It also owns various other compounds in earlier stages of development, including the PTP1b inhibitor Trodusquemine and related analogs. OHR Pharmaceutical, Inc. (NASDAQ:OHRP) Recent Trading Information
OHR Pharmaceutical, Inc. (NASDAQ:OHRP) closed its last trading session up +0.019 at 0.680 with 178,957 shares trading hands.
