Biostax Corp Announces Voluntary Delisting from OTC Pink Market and SEC Deregistration
Rhea-AI Summary
Biostax Corp (BIOX) has announced its decision to voluntarily delist from the OTC Pink marketplace and deregister from the SEC, following 76.4% shareholder approval through a Joint Written Consent. The company plans to file Form 25 with the SEC on March 15, 2025, with delisting becoming effective ten days later.
The company will simultaneously file Form 15 to deregister its common stock under the Securities Exchange Act of 1934. Management believes the current public market valuation doesn't reflect their achievements and potential, and operating as a private company will provide greater flexibility and reduce administrative costs.
Biostax's pipeline includes JKB-122, which has received FDA authorization for clinical trials in Autoimmune Hepatitis for newly diagnosed patients and Phase 2 trials for NASH and NAFLD. The company also plans an IND filing for JKB-122 as an adjunct therapy in HIV treatment.
Positive
- 76.4% shareholder approval for delisting indicates strong investor support
- Expected reduction in administrative costs and burden post-delisting
- FDA authorization received for multiple JKB-122 clinical trials
- Pipeline includes multiple potential therapeutic applications
Negative
- Loss of public trading market access for shareholders
- Reduced transparency and reporting requirements post-delisting
- Management admits current market valuation is unfavorable
News Market Reaction – BTAX
On the day this news was published, BTAX declined 98.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, Fla., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Biostax Corp (OTC Pink: BIOX) ("Biostax" or "the Company"), a biopharmaceutical company focused on developing innovative immune restoration therapies, today announced its Board of Directors has approved and the Company intends to proceed with the voluntary delisting of its common stock from the OTC Pink marketplace. This strategic decision follows strong shareholder support, with
The Company plans to file a Form 25 with the Securities and Exchange Commission (SEC) on March 15, 2025, initiating the delisting process. The delisting is expected to become effective ten days after the filing. Concurrent with the Form 25, Biostax will file a Form 15 to deregister its common stock under the Securities Exchange Act of 1934.
"After careful consideration of our strategic options, we have determined that delisting will better position Biostax to execute on our long-term growth strategy," said Noreen Griffin, Chief Executive Officer of Biostax. "We believe our current public market valuation does not adequately reflect our achievements and future potential. Operating as a private company will provide us greater flexibility to focus on advancing our promising drug candidates while reducing the administrative burden and costs associated with maintaining a public listing."
The decision aligns with Biostax's commitment to advancing its robust pipeline, including:
- JKB-122, which has received FDA authorization to proceed with clinical trials for:
- Autoimmune Hepatitis in newly diagnosed patients
- Phase 2 trials for NASH and NAFLD
- Planned IND filing for JKB-122 as an adjunct therapy in HIV treatment, targeting immune activation and chronic inflammation reduction in non-responders or patients failing current therapies
Following the effectiveness of the Form 25 filing, the Company's common stock will no longer be traded on the OTC Pink marketplace. Biostax remains committed to maintaining transparent communication with its shareholders and will provide updates on significant developments as appropriate.
About Biostax Corp
Biostax is dedicated to developing affordable, sustainable healthcare solutions focusing on immune restoration and inflammation reduction. The Company's approach targets key factors in the pathogenesis of numerous diseases, with demonstrated anti-fibrotic, immuno-modulating, and anti-inflammatory activities in preclinical models. Our mission is to develop therapies that achieve disease remission by restoring immune balance in patients with autoimmune, inflammatory, and infectious diseases, without suppressing their immune system. For more information, visit www.biostaxcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding Biostax's business strategies, clinical development programs, and expectations regarding future operations. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those projected, including regulatory reviews, clinical trial outcomes, and market conditions. Biostax does not undertake any obligation to update these forward-looking statements, except as required by law. Please refer to our SEC filings for a more detailed discussion of potential risks and uncertainties.
Contact:
Noreen M. Griffin
Chief Executive Officer
Biostax Corp Email: ir@biostax.net
FAQ
When will Biostax (BIOX) stock be delisted from the OTC Pink market?
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What clinical trials has Biostax's JKB-122 received FDA authorization for?
Why is Biostax (BIOX) choosing to delist from the public market?
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