Bio Path : Failure to Satisfy Listing Rule - Form 8-K
March 13, 2024 at 05:04 pm EDT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 12, 2024, Bio-Path Holdings, Inc. (the "Company") received a deficiency letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum stockholders' equity requirement of at least $2,500,000 for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"). The Letter has no effect on the listing of the Company's common stock at this time, and the Company's common stock will continue to trade on The Nasdaq Capital Market under the symbol "BPTH."
In accordance with Nasdaq Listing Rule 5810(c)(2)(A), the Company has 45 calendar days, or until April 26. 2024, to submit a plan to Nasdaq to regain compliance (the "Compliance Plan") with the Stockholders' Equity Requirement. If the Compliance Plan is accepted, Nasdaq can grant an extension of up to 180 days from the date of the Letter for the Company to evidence compliance. If the Compliance Plan is not accepted, Nasdaq could provide written notification to the Company that its common stock may be delisted. At that time, the Company may appeal Nasdaq's delisting determination to a Nasdaq Hearings Panel (the "Panel"). If the Company timely appeals, it would remain listed pending the Panel's decision. There can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the Panel, such appeal would be successful.
The Company is considering available options to regain compliance with the Stockholders' Equity Requirement. However, there can be no assurance that the Company will be successful in developing the Compliance Plan, that the Compliance Plan will be accepted by Nasdaq, or even if it is accepted, that the Company will ultimately be able to regain compliance with the Stockholders' Equity Requirement within the allotted extension period, which may be less than 180 calendar days.
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Bio-Path Holdings, Inc. is a biotechnology company. The Company is engaged in developing DNAbilize, a novel technology that has yielded a pipeline of RNAi nanoparticle drugs that can be administered with a simple intravenous transfusion. DNAbilize, is a platform that uses P-ethoxy, which is a deoxyribonucleic acid (DNA) backbone modification that is intended to protect the DNA from destruction by the bodyâs enzymes when circulating in vivo, incorporated inside of a lipid bilayer having neutral charge. Its lead product candidate, prexigebersen (BP1001, targeting the Grb2 protein), is in a Phase II study for blood cancers, and BP1001-A, a drug product modification of prexigebersen, is in a Phase I/Ib study for solid tumors. The Companyâs second product, BP1002, which targets the Bcl-2 protein, is being evaluated for the treatment of blood cancers and solid tumors, including lymphoma and acute myeloid leukemia. BP1003 is its third liposome delivered antisense drug candidate.
BIO-PATH HOLDINGS, INC. 
