NEW YORK -- Allarity Therapeutics said Monday that it has met the minimum requirements to regain compliance and be listed on the Nasdaq stock exchange again.
The Boston-based firm said it has received formal written notice from the Nasdaq establishing that it now meets the minimum stockholders' equity requirement of at least $2.5 million.
Allarity was listed on the Nasdaq in December 2021. In November 2023, the firm received a notice from the Nasdaq Listing Qualifications staff that the stockholders' equity it reported in its quarterly report for the period ending Sept. 30, 2022, did not satisfy the US Securities and Exchange Commission's rules for listing on the stock market.
These efforts to regain compliance with Nasdaq listing rules come as Allarity (formerly known as Oncology Venture) has recently reprioritized its therapeutic pipeline. The firm announced earlier this year that it was retooling its pipeline to focus exclusively on developing its lead candidate, the PARP/tankyrase inhibitor stenoparib, in advanced ovarian cancer. Allarity is advancing the drug in a population of ovarian cancer patients it deems most likely to benefit based on its drug response predictor (DRP) platform.
Earlier this month, Allarity announced plans to stop its Phase II stenoparib trial in ovarian cancer after the treatment had shown clear enough clinical benefit to advance the drug to registrational trials. The company has said it plans to share more detailed clinical results in the future.
Gaining compliance with Nasdaq listing rules "allows us to continue focusing on our mission to advance our lead asset, stenoparib, toward regulatory approval with the aim of bringing this promising therapy to patients in need of new treatment options for advanced ovarian cancer," Allarity CEO Thomas Jensen said in a statement.
Although the firm has officially regained Nasdaq compliance, it will be subject to one year of mandatory panel monitoring.