IMUNON Reports Compliance with Nasdaq Listing Requirements
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Regaining compliance with the Nasdaq Minimum Bid Price Requirement signals a positive shift in investor confidence and the financial health of IMUNON, Inc. The stock's recovery to meet the $1.00 bid price threshold is a critical indicator of market sentiment and can influence institutional investors' decisions to maintain or initiate positions in the stock. The company's successful navigation back to compliance may also prevent potential delisting, which often results in reduced liquidity and access to capital markets. This news is likely to be perceived positively by shareholders as it reflects the company's ability to meet regulatory standards and maintain its capital market presence, which is essential for funding ongoing clinical trials and research.
The mention of the OVATION 2 Study with IMNN-001 for advanced ovarian cancer is of particular interest from a medical standpoint. Progression-free survival (PFS) is a key endpoint in oncology trials, indicating the length of time during and after treatment that a patient lives with the disease without it getting worse. A clinically meaningful PFS benefit would suggest that IMNN-001 has the potential to address unmet needs in ovarian cancer treatment. Should the interim data be confirmed, this could pave the way for a Phase III study, which is the final step before seeking FDA approval. Such progress could have significant implications for patient care and, by extension, the company's market valuation.
Entering the COVID-19 vaccine market, even as a seasonal booster, introduces IMUNON to a highly competitive but lucrative sector. The company's advancement to a Phase 1 proof-of-concept clinical study indicates a strategic move to diversify its portfolio. However, the success of this endeavor depends on the vaccine's efficacy and differentiation from existing options. The market's response to this development will hinge on the results of the clinical study and the company's ability to navigate the complex regulatory and competitive landscape of vaccine development. The long-term impact on the company's stock will be contingent upon their ability to capture market share in this new domain.
LAWRENCEVILLE, N.J., April 11, 2024 (GLOBE NEWSWIRE) -- IMUNON, Inc. (NASDAQ: IMNN) (“IMUNON” or the “Company”), a clinical-stage drug-development company focused on developing DNA-mediated immuno-oncology therapies and next-generation vaccines, today announced that on April 10, 2024, it received written notice from the staff of The NASDAQ Stock Market LLC (“Nasdaq”) informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) for continued listing on The Nasdaq Capital Market. Accordingly, IMUNON complies with all applicable listing standards, and its common stock will maintain its listing on the Nasdaq Capital Market under the symbol “IMNN.”
IMUNON was notified by Nasdaq on December 26, 2023 that it was not in compliance with the Minimum Bid Price Requirement because its common stock had failed to meet the closing bid price of
IMUNON’s Executive Chairman, Michael H. Tardugno said, “Regaining compliance with the Nasdaq Minimum Bid Price Requirement is an important event as we continue to advance our dual platform technologies. We are heartened with continued support from the investment community and remain on track to report topline results mid-year from the OVATION 2 Study with IMNN-001 in advanced ovarian cancer. If the interim data are confirmed in the final readout, the observed PFS benefit would represent a clinically meaningful outcome supporting a registrational Phase III study. Further, we remain on track to begin our Phase 1 proof-of-concept clinical study in the second quarter of 2024 with a seasonal COVID-19 booster vaccine, following FDA clearance of our IND application.”
About IMUNON
IMUNON is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the coding of proteins and cytokines in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine®, is developed for the coding of viral antigens that can elicit a strong immunological response. This technology may represent a promising platform for the development of vaccines in infectious diseases.
The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase 2 development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is entering a first-in-human study of its COVID-19 booster vaccine (IMNN-101). We will continue to leverage these modalities and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions. For more information on IMUNON, visit www.imunon.com.
Forward-Looking Statements
IMUNON wishes to inform readers that forward-looking statements in this news release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, market conditions and the risk that the Company may not be able to maintain compliance with Nasdaq listing requirements; unforeseen changes in the course of research and development activities and in clinical trials, including the fact that interim results may not be indicative of later results in such trials; the uncertainties of and difficulties in analyzing interim clinical data; the timing of expected regulatory and business milestones; the significant expense, time and risk of failure of conducting clinical trials; the need for IMUNON to evaluate its future development plans; possible acquisitions or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in IMUNON’s filings with the Securities and Exchange Commission. IMUNON assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Contacts:
| IMUNON | LHA Investor Relations |
| Jeffrey W. Church | Kim Sutton Golodetz |
| Executive Vice President, CFO | 212-838-3777 |
| and Corporate Secretary | Kgolodetz@lhai.com |
| 609-482-2455 | |
| jchurch@imunon.com |
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