Zug, Switzerland, August 24, 2017 - Auris Medical Holding AG ("the Company", NASDAQ: EARS), a clinical-stage company dedicated to developing therapeutics that address important unmet medical needs in otolaryngology, today announced that on August 18, 2017, it received written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating that based on the Company's stockholders' equity of $5.57 million for the period ended June 30, 2017, the Company is no longer in compliance with the minimum stockholders' equity requirement of $10.00 million as set forth in Nasdaq Listing Rule 5450(b)(1)(A) for continued listing on the Nasdaq Global Market. This Nasdaq notification does not result in the immediate delisting of the Company's common shares, and the shares will continue to trade uninterrupted under the symbol "EARS."
As previously announced on March 31, 2017, the Company received written notice from Nasdaq indicating that the Company did not meet the minimum bid price requirement as set forth in Nasdaq Listing Rule 5450(a)(1).
The Company has until September 26, 2017 to regain compliance with Nasdaq's minimum bid price requirement of $1.00 and until October 2, 2017 to submit a plan to regain compliance with the minimum stockholders' equity requirement. In the event the Company does not regain compliance with these requirements by the relevant deadlines, the Company may transfer to the Nasdaq Capital Market, which has a lower minimum stockholders' equity requirement, where it may be eligible for an additional 180 calendar day grace period to regain compliance with the minimum bid price requirement.
About Auris Medical
Auris Medical is a Swiss biopharmaceutical company dedicated to developing therapeutics that address important unmet medical needs in neurotology. The company is focused on the Phase 3 development of treatments for acute inner ear hearing loss (AM-111) and for acute inner ear tinnitus (Keyzilen®; AM-101) by way of intratympanic administration with biocompatible gel formulations. In addition, Auris Medical is developing intranasal betahistine for Meniere's disease and other vestibular disorders (AM-125) as well as early-stage research and development projects. The Company was founded in 2003 and is headquartered in Zug, Switzerland. The shares of Auris Medical Holding AG trade on the NASDAQ Global Market under the symbol "EARS."
As previously announced on March 31, 2017, the Company received written notice from Nasdaq indicating that the Company did not meet the minimum bid price requirement as set forth in Nasdaq Listing Rule 5450(a)(1).
The Company has until September 26, 2017 to regain compliance with Nasdaq's minimum bid price requirement of $1.00 and until October 2, 2017 to submit a plan to regain compliance with the minimum stockholders' equity requirement. In the event the Company does not regain compliance with these requirements by the relevant deadlines, the Company may transfer to the Nasdaq Capital Market, which has a lower minimum stockholders' equity requirement, where it may be eligible for an additional 180 calendar day grace period to regain compliance with the minimum bid price requirement.
About Auris Medical
Auris Medical is a Swiss biopharmaceutical company dedicated to developing therapeutics that address important unmet medical needs in neurotology. The company is focused on the Phase 3 development of treatments for acute inner ear hearing loss (AM-111) and for acute inner ear tinnitus (Keyzilen®; AM-101) by way of intratympanic administration with biocompatible gel formulations. In addition, Auris Medical is developing intranasal betahistine for Meniere's disease and other vestibular disorders (AM-125) as well as early-stage research and development projects. The Company was founded in 2003 and is headquartered in Zug, Switzerland. The shares of Auris Medical Holding AG trade on the NASDAQ Global Market under the symbol "EARS."
