Liminal BioSciences Regains Compliance with NASDAQ Minimum Bid Price Requirement

Rhea-AI Summary

Liminal BioSciences Inc. (Nasdaq: LMNL) has regained compliance with Nasdaq's minimum bid price requirement, as confirmed in a notice received on February 15, 2023. The company's common stock closed at $1.00 or higher for ten consecutive business days, from February 1 to February 14, 2023. This achievement ensures Liminal BioSciences remains listed on the Nasdaq Capital Market. The company focuses on developing small molecule therapeutics for inflammatory, fibrotic, and metabolic diseases, with its lead program being LMNL6511. It operates in Canada and the United Kingdom, actively pursuing additional development opportunities.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Common stock maintained a closing bid price of $1.00 or higher for ten consecutive business days.
• Focus on R&D for small molecule therapeutics, addressing significant health issues.

Negative

• None.

LAVAL, QC, Feb. 15, 2023 /PRNewswire/ - Liminal BioSciences Inc. (Nasdaq: LMNL) ("Liminal BioSciences" or the "Company"), announced that it has received written notice from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Nasdaq's minimum bid price for continued listing on the Nasdaq Capital Market. The notice indicated that, as a result of the closing bid price of the Company's common stock having been $1.00 per share or greater for at least ten consecutive business days, from February 1, 2023 through February 14, 2023, the Company has regained compliance with Nasdaq Listing Rule 5450(a)(1).

About Liminal BioSciences Inc.

Liminal BioSciences is a development-stage biopharmaceutical company focused on discovering and developing distinctive novel small molecule therapeutics for inflammatory, fibrotic, and metabolic diseases using our drug discovery platform with a data-driven approach. The Company's lead program is LMNL6511, a selective antagonist for the GPR84 receptor, and the Company is also developing potential OXER1 antagonists. In addition to these programs, the Company continues to explore other development opportunities to add to its pipeline.

Liminal BioSciences has active business operations in Canada and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward–looking statements include, among other things, the potential development of Liminal Biosciences' R&D programs and the Company's ability to meet Nasdaq continued listing requirements. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to materially differ from our current expectations in the filings and reports the Company makes with the U.S. Securities and Exchange Commission and Canadian Securities Administrators, including in the Annual Report on Form 20-F for the year ended December 31, 2021, as well as other filings and reports Liminal Biosciences' may make from time to time. As a result of such risks, we cannot guarantee that any given forward-looking statement will materialize. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. We assume no obligation to update any forward-looking statement contained in this press release even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.

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SOURCE Liminal BioSciences Inc.

FAQ

What compliance milestone did Liminal BioSciences achieve on February 15, 2023?

Liminal BioSciences regained compliance with Nasdaq's minimum bid price requirement.

What was the closing bid price of LMNL shares to regain Nasdaq compliance?

The closing bid price was at least $1.00 per share.

For how many consecutive business days did LMNL maintain its closing price to comply with Nasdaq?

LMNL maintained its closing price for ten consecutive business days.

What is the focus of Liminal BioSciences' research and development?

The company focuses on developing small molecule therapeutics for inflammatory, fibrotic, and metabolic diseases.

Where does Liminal BioSciences have active business operations?

The company has operations in Canada and the United Kingdom.