DUBLIN, Eire and CHICAGO, Dec. 21, 2020 (Globe NEWSWIRE) — Iterum Therapeutics plc (Nasdaq: ITRM) (the Corporation), a scientific-stage pharmaceutical enterprise concentrated on acquiring next technology oral and IV antibiotics to handle bacterial infections induced by multi-drug resistant pathogens in equally group and medical center options, today announced that on December 18, 2020, the Listing Skills section of The Nasdaq Stock Market LLC (“Nasdaq”) approved the Company’s request to transfer its listing to The Nasdaq Money Market from The Nasdaq Worldwide Marketplace. The transfer is envisioned to get outcome at the opening of company on Wednesday, December 23, 2020. The Firm’s shares will go on to trade beneath the symbol “ITRM.” The Nasdaq Capital Sector is a steady investing market that operates in substantially the exact same fashion as The Nasdaq Global Market place, and detailed companies have to satisfy specific fiscal and company governance demands.
On transfer, the Company will keep on to have the remainder of the 180 calendar times compliance period of time, or till March 23, 2021, to regain compliance with Nasdaq Listing Rule 5450(a)(1) (the “Bid Price tag Rule”) for continued listing. As earlier disclosed, the Enterprise gained a letter from Nasdaq on September 24, 2020, notifying the Enterprise that it was not in compliance with the Bid Rate Rule and experienced an initial interval of 180 calendar times, or right up until March 23, 2021, to regain compliance with the Bid Cost Rule. To regain compliance, the closing bid price of the Company’s ordinary shares ought to meet or exceed $1.00 per share for a bare minimum of 10 consecutive small business times by March 23, 2021. The Business intends to actively keep an eye on the closing bid price tag of its listed regular shares and, as acceptable, will consider offered alternatives to take care of the deficiency and get back compliance with the Bid Cost Rule.
Also as beforehand disclosed, on September 24, 2020 the Company been given a letter from Nasdaq notifying it that it was not in compliance with Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”) and, in accordance with Nasdaq Listing Rule 5810(c)(3)(D), experienced an preliminary period of time of 180 calendar times, or until eventually March 23, 2021, to regain compliance with the MVPHS Rule. On December 14, 2020, the Corporation gained notification from Nasdaq that, for 13 consecutive buying and selling days, from November 24, 2020 to December 11, 2020, the Company’s market place benefit of publicly held shares (MVPHS) had been $15,000,000 or better, indicating that the Corporation had regained compliance with the MVPHS Rule. In addition, as formerly disclosed, on July 15, 2020, the Corporation gained a letter from Nasdaq notifying the Company that, for the last 30 consecutive organization days, the market benefit of its mentioned securities was less than the least $50,000,000 prerequisite for inclusion on The Nasdaq World-wide Marketplace pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Corporation was presented an first time period of 180 calendar days, or until eventually January 11, 2021, to get back compliance with the MVLS Rule. Nasdaq has indicated that in link with the transfer from The Nasdaq Worldwide Industry to The Nasdaq Capital Marketplace, the Company has regained compliance with the MVLS Rule.
About Iterum Therapeutics plc
Iterum Therapeutics plc is a scientific-phase pharmaceutical business committed to acquiring differentiated anti-infectives aimed at combatting the international crisis of multi-drug resistant pathogens to noticeably increase the lives of folks affected by severe and everyday living-threatening health conditions all-around the earth. Iterum Therapeutics is advancing its initial compound, sulopenem, a novel penem anti-infective compound, in Period 3 medical enhancement with an oral formulation and IV formulation. Sulopenem has demonstrated strong in vitro action versus a wide wide range of gram-unfavorable, gram-beneficial and anaerobic microorganisms resistant to other antibiotics. Iterum Therapeutics has obtained Qualified Infectious Disease Solution (QIDP) and Speedy Observe designations for its oral and IV formulations of sulopenem in 7 indications.
This press launch is made up of ahead-searching statements. These ahead-looking statements contain, without having limitation, statements regarding the Company’s capability to comply or regain compliance with the Nasdaq listing requirements and ability to manage its listing on The Nasdaq Cash Market place, the Company’s options, procedures and prospective customers for its company. In some instances, ahead-hunting statements can be identified by phrases this kind of as “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “would,” “will,” “future,” “potential” or the unfavorable of these or comparable conditions and phrases. Forward-looking statements involve identified and not known threats, uncertainties and other elements that might trigger the Company’s precise benefits, performance or achievements to be materially distinctive from any upcoming results, functionality or achievements expressed or implied by the forward-wanting statements. Ahead-looking statements include things like all matters that are not historic specifics. Precise future effects may be materially different from what is envisioned thanks to components mainly outside the Company’s control, such as the uncertainties inherent in the initiation and carry out of scientific trials, availability and timing of knowledge from scientific trials, alterations in regulatory demands or decisions of regulatory authorities, the timing of approval of any submission, changes in general public plan or legislation, commercialization programs and timelines, if oral sulopenem is approved, the actions of third-get together clinical analysis companies, suppliers and producers, pitfalls pertaining to mental home rights in item candidates and the capability to defend and enforce any these types of mental residence rights, the accuracy of the Company’s anticipations regarding how significantly into the future the Company’s hard cash on hand will fund the Company’s ongoing functions, the sufficiency of the Company’s funds sources and the Company’s potential to continue as a heading issue, the impression of COVID-19 and relevant responsive measures thereto, the Company’s capacity to manage listing on the Nasdaq Stock Market place, risks and uncertainties concerning the consequence, effects, effects and outcomes of the Company’s analysis of company, organizational, strategic, money and funding possibilities, like the conditions, timing, construction, benefit, added benefits and expenditures of any corporate, organizational, strategic, money or funding alternative and the Company’s capability to full one at all, the price of the Company’s securities and other factors reviewed below the caption “Risk Factors” in its most not too long ago filed Quarterly Report on Kind 10-Q, and other paperwork submitted with the SEC from time to time. Forward-seeking statements stand for the Company’s beliefs and assumptions only as of the date of this push launch. Apart from as demanded by regulation, the Firm assumes no obligation to update these forward-hunting statements publicly, or to update the factors precise effects could vary materially from these expected in the forward-looking statements, even if new data will become available in the long run.
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