NEW YORK – Evaxion on Thursday said it has received notification from Nasdaq that its shares are not in compliance with the exchange's listing qualifications.
For the past 30 days, the bid price for the firm's American Depositary Shares has closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market.
The Horsholm, Denmark-based company can regain compliance if the bid price for its ADS closes at or above $1.00 per share for at least 10 days. Evaxion has 180 days, or until March 27, 2024, to regain compliance. The firm said it will monitor the bid price of its ADS over this time period and evaluate its options for regaining compliance with Nasdaq's rule, including implementing a reverse share split of its outstanding ordinary shares.
Evaxion is developing personalized immunotherapies using artificial intelligence to simulate the human immune system and develop predictive models. Earlier this year, the firm licensed Personalis' immune profiling platform to identify T-cell epitopes on a patient's tumor that may be targeted with a vaccine.
In August, the company raised $20 million to support an ongoing Phase II trial of its personalized cancer vaccine EVX-01 with Merck's checkpoint inhibitor Keytruda (pembrolizumab) as a therapy for advanced melanoma. Evaxion plans to report interim results from the trial in Q4 2023.
The company's pipeline also includes EVX-03, a personalized vaccine candidate in preclinical investigations in lung and solid tumors.
In early Thursday afternoon trading, Evaxion shares were down around 3 percent at $.85.