Auris Medical Receives Positive Nasdaq Listing Determination
April 15, 2019 at 9:00 AM EDT
Hamilton, Bermuda, April 15, 2019 (GLOBE NEWSWIRE) --
Hamilton, Bermuda, April 15, 2019 – Auris Medical Holding Ltd. (Nasdaq: EARS), a clinical-stage company dedicated to developing therapeutics that address important unmet medical needs in neurotology and central nervous system disorders, today announced that the Nasdaq Hearings Panel (the ''Panel'') has granted the Company’s request for the continued listing of the Company’s securities on The Nasdaq Capital Market (“Nasdaq”). The Company’s continued listing on Nasdaq is subject to the Company evidencing compliance with the minimum $1.00 bid price requirement on or before August 5, 2019.
At the hearing before the Panel, the Company presented its plan to regain compliance with the minimum bid price requirement, including the implementation of a reverse stock split if necessary. In order to demonstrate compliance with the terms of the Panel’s decision, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days on or before August 5, 2019.
About Auris Medical
Auris Medical is a biopharmaceutical company dedicated to developing therapeutics that address important unmet medical needs in neurotology and mental health supportive care. The company is focused on the development of intranasal betahistine for the treatment of vertigo (AM-125) and for the prevention of antipsychotic-induced weight gain and somnolence (AM-201). These projects have gone through two Phase 1 trials and have moved into proof-of-concept studies in 2019. In addition Auris Medical has two Phase 3 programs under development: Sonsuvi® (AM-
111) for acute inner ear hearing loss and Keyzilen® (AM-101) for acute inner ear tinnitus. The Company was founded in 2003 and is headquartered in Hamilton, Bermuda with its main operations in Basel, Switzerland. The shares of Auris Medical Holding Ltd. trade on the NASDAQ Capital Market under the symbol “EARS.”
Forward-looking Statements
This press release may contain statements that constitute “forward-looking statements” within the meaningofSection27AoftheSecuritiesActof1933andSection21EoftheSecuritiesExchange Act of 1934. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Auris Medical’sstrategiesorexpectations.Insomecases,youcanidentifythesestatementsbyforward- lookingwordssuchas“may”,“might”,“will”,“should”,“expects”,“plans”,“anticipates”,“believes”, “estimates”,“predicts”,“projects”,“potential”,“outlook”or“continue”,orthenegativeofthese termsorothercomparableterminology.Forward-lookingstatementsarebasedonmanagement’s currentexpectationsandbeliefsandinvolvesignificantrisksanduncertaintiesthatcouldcause actualresults,developmentsandbusinessdecisionstodiffermateriallyfromthosecontemplated bythesestatements.Theserisksanduncertaintiesinclude,butarenotlimitedto,AurisMedical’s need for and ability to raise substantial additional funding to continue the development of its productcandidates,theabilitytopursuestrategicpartneringandnon-dilutivefundingforitsPhase 3programs,theresultsofAurisMedical’sreviewofstrategicoptionsandtheoutcomeofanyaction takenasaresultofsuchreview,thetimingandconductofclinicaltrialsofAurisMedical’sproduct candidates,theclinicalutilityofAurisMedical’sproductcandidates,thetimingorlikelihoodof regulatoryfilingsandapprovals,AurisMedical’sintellectualpropertypositionandAurisMedical’s financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Auris Medical’s capital structure, including futuresecurities offerings.Theserisksanduncertaintiesalsoinclude,butarenotlimitedto,thosedescribedunder the caption “Risk Factors” in Auris Medical’s Annual Report on Form 20-F for the year ended December31,2018,andinAurisMedical'sotherfilingswiththeSEC,whichareavailablefreeof chargeontheSecuritiesExchangeCommission'swebsiteat:www.sec.gov.Shouldoneormoreof theserisksoruncertaintiesmaterialize,orshouldunderlyingassumptionsproveincorrect,actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Auris Medical or to personsactingonbehalfofAurisMedicalareexpresslyqualifiedintheirentiretybyreferenceto theserisksanduncertainties.Youshouldnotplaceunduerelianceonforward-lookingstatements. Forward-lookingstatementsspeakonlyasofthedatetheyaremade,andAurisMedicaldoesnot undertake any obligation to update them in light of new information, future developments or otherwise,exceptasmayberequiredunderapplicablelaw.
Investor contact:
Joseph Green
Edison Advisors for Auris Medical 646-653-7030
jgreen@edisongroup.com or investors@aurismedical.com
Source: Auris Medical AG