Iterum Therapeutics Regains Compliance with Nasdaq Bid Price Rule
September 01 2022 - 4:15PM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced that it has received a letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) notifying the Company that it has regained compliance
with the minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2) (the "Bid Price Rule") for continued listing on The
Nasdaq Capital Market. Consequently, Iterum Therapeutics is now in
compliance with all applicable listing standards and its ordinary
shares will continue to be listed on The Nasdaq Capital Market.
The Company was previously notified in September
2021 that it was not in compliance with the Bid Price Rule because
its ordinary shares failed to meet the closing bid price
of $1.00 or more for 30 consecutive business days. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was
provided with 180 calendar days, or until March 7, 2022, to regain
compliance. Subsequently, the Company was granted a second
180-calendar day period, or until September 5, 2022, in which to
regain compliance with the Bid Price Rule. To regain
compliance with the Bid Price Rule, the Company was required to
maintain a minimum closing bid price of $1.00 or more for
at least 10 consecutive trading days. This requirement was met
on August 31, 2022, the tenth consecutive trading day when the
closing bid price of the Company's ordinary shares was
over $1.00.
About Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Investor Contact:Judy Matthews Chief
Financial Officer312-778-6073IR@iterumtx.com
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