Oncobiologics, Inc. (NASDAQ:ONS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On December 28, 2017, Oncobiologics, Inc. (the “Company”) received written notice from the Listing Qualifications Staff (the “Staff”) of The NASDAQ Stock Market LLC (“Nasdaq”) indicating that, based upon the Company’s continued non-compliance with the minimum $50,000,000 market value of listed securities requirement for continued listing on The Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(b) (the “Rule”), as of December 26, 2017, the Company’s securities would be subject to delisting from Nasdaq unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company timely requested a hearing before the Panel, which request has stayed any further action by the Staff.
At the hearing, the Company will present its plan to evidence compliance with the applicable listing criteria for the Panel’s review and request the continued listing of its securities on Nasdaq pending its return to compliance. The Company is diligently working to satisfy the Nasdaq listing criteria; however, there can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be successful in its efforts to regain compliance with the applicable continued listing criteria within the time period that may be granted by the Panel.
As previously disclosed, on June 28, 2017, the Company received written notice from the Staff indicating that the Company did not satisfy the Rule for the previous 30 consecutive business days and, in accordance with the Nasdaq Listing Rules, the Company was granted a 180 day grace period within which to evidence compliance with the Rule. The relevant grace period expired on December 26, 2017.
About Oncobiologics, Inc. (NASDAQ:ONS)
Oncobiologics, Inc. is a clinical-stage biopharmaceutical company. The Company focuses on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. It focuses on monoclonal antibodies (mAbs) in the disease areas of immunology and oncology. The Company’s BioSymphony Platform focuses on developing and commercializing mAb biosimilars. The Company is developing a portfolio of approximately eight mAb biosimilars. The Company has advanced two product candidates into clinical trials: ONS-3010 and ONS-1045. ONS-3010 is a Phase III-ready biosimilar to adalimumab (Humira). ONS-1045 is a Phase III-ready biosimilar to bevacizumab (Avastin). The Company has identified multiple other biosimilar product candidates, including approximately six candidates that are in preclinical development. ONS-1050 is its trastuzumab (Herceptin) biosimilar. Its other product candidates include ONS-4010, ONS-1055, ONS-3030, ONS-3035 and ONS-3040.
