Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

ME Staff 8-k
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Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continuing Listing Ruleor Standard; Transfer of Listing.

Onconova Therapeutics,Inc. (the “Company” or “we”) is required to meet certain qualitative and financial tests to maintain the listing of our securities on The Nasdaq Capital Market. As previously disclosed, as of March31, 2017, June30, 2017, September30, 2017 and December31, 2017, our total stockholders’ equity was $(2.7) million, $0.4 million $(6.1) million and $(10.9) million, respectively. As a result, we did not comply with the Nasdaq’s $2.5 million minimum stockholders’ equity requirement, nor the alternative compliance standards under Nasdaq Listing Rule5550(b)for the continued listing of our securities on The Nasdaq Capital Market. In addition, as previously disclosed, the Nasdaq Staff notified us of the noncompliance and, after granting a grace period and reviewing our proposed plan to regain compliance, the Nasdaq Staff had determined to seek to delist our securities from Nasdaq unless we requested a hearing before a Nasdaq Hearings Panel (the “Panel”). Accordingly, we requested and had a hearing on January18, 2018 before the Panel, which has the authority to grant us an additional extension of time to regain compliance.

On February2, 2018, we received a letter from the Panel stating that the Panel had granted the Company an extension to April13, 2018 to regain compliance with the continued listing requirements of The Nasdaq Capital Market, which may be accomplished by demonstrating minimum stockholders’ equity of $2.5 million or having a market value of listed securities of at least $35 million for ten consecutive trading days, as defined in Nasdaq Listing Rule5550(b).

As of April13, 2018, we were not able to regain compliance. On April11, 2018, we submitted a written request to the Panel requesting an extension to May14, 2018 to regain compliance.

On April23, 2018, we received a letter from the Panel stating that the Panel has granted the Company an extension to May14, 2018 to regain compliance.

There is no assurance that we will regain compliance on or before May14, 2018, and even if we do, that we will be able to maintain compliance. If we are unable to regain compliance by May14, 2018 or maintain compliance and our securities are delisted, it could be more difficult to buy or sell our securities and to obtain accurate quotations, and the price of our securities could suffer a material decline. Delisting could also impair our ability to raise capital.


About Onconova Therapeutics,Inc. (NASDAQ:ONTX)

Onconova Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells. It has over three clinical-stage product candidates and various preclinical programs that target kinases, cellular metabolism or cell division in preclinical development. The Company’s lead product candidate, rigosertib, is being tested in both intravenous (IV) and oral formulations as a single agent, and the oral formulation is also being tested in combination with azacitidine, in clinical trials for patients with myelodysplastic syndromes (MDS), and related cancers. Its other product candidates include Briciclib and Recilisib.