PEREGRINE PHARMACEUTICALS, INC. (NASDAQ:PPHM) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On April 11, 2017, Peregrine Pharmaceuticals, Inc. (the Company)
received a letter from the Listing Qualifications Department (the
Staff) of The NASDAQ Stock Market LLC (NASDAQ) stating that the
Company has not regained compliance with the $1.00 minimum
closing bid price requirement set forth in the NASDAQ Listing
Rule 5550(a)(2) (the Minimum Bid Price Requirement). The letter
further states that the Staff has determined to delist the
Companys securities, both common and preferred stock, from the
NASDAQ Capital Market on April 20, 2017, unless the Company
requests a hearing before the NASDAQ Hearings Panel (the Panel)
by April 18, 2017 to appeal the Staffs determination to delist
its securities.
The Company intends to timely request such a hearing before the
Panel, and such request will stay any delisting action by the
Staff pending the issuance of a written Panel decision. The Panel
will typically hold a hearing to consider an appeal within 45
days after the request for a hearing is made. At the hearing, the
Company will present its plan to regain compliance with the
requirements for continued listing on The NASDAQ Capital Market.
The Company is considering several paths to regain compliance
with the Minimum Bid Price Requirement, including, among other
things, a reverse stock split. As previously disclosed, the
Companys stockholders approved a reverse stock split of the
Companys common stock at a ratio of up to 1-for-7, to be
determined by the Companys Board of Directors in its sole
discretion and effected, if at all, at any time until the
Companys 2017 annual meeting of stockholders.
About PEREGRINE PHARMACEUTICALS, INC. (NASDAQ:PPHM)
Peregrine Pharmaceuticals, Inc. (Peregrine) is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. Bavituximab is its lead immunotherapy candidate. Bavituximab is a monoclonal antibody that targets and binds to phosphatidylserine (PS), a immunosuppressive molecule that is usually located inside the membrane of healthy cells, but then flips and becomes exposed on the outside of cells in the tumor microenvironment, causing the tumor to evade immune detection. The Company’s subsidiary is Avid Bioservices, Inc. (Avid). Avid provides integrated current good manufacturing practices (cGMP) services from cell line development to commercial biomanufacturing. PEREGRINE PHARMACEUTICALS, INC. (NASDAQ:PPHM) Recent Trading Information
PEREGRINE PHARMACEUTICALS, INC. (NASDAQ:PPHM) closed its last trading session down -0.024 at 0.551 with 3,238,144 shares trading hands.
