TEL AVIV, Israel, August. 16, 2022 (GLOBE NEWSWIRE) — PainReform Ltd. (Nasdaq: PRFX) (“Pain improvement” or “Company”), a clinical-stage specialty pharmaceutical company focused on the improvement of niche therapeutics, today announced that the Company has received a letter from Nasdaq Listing Qualifications (the “Letter”) indicating that the Company is not in compliance with the minimum bid. A price requirement for continued listing is set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.
Further, the rules provide a compliance period of 180 calendar days for the company to regain compliance. According to the letter, the company has until August 10, 2022 or February 6, 2023 to regain compliance with the minimum bid price requirement. At any time during this 180-day period, if the closing bid price of its common stock has been at least $1 for at least ten consecutive business days, the Company may regain compliance, in which case written confirmation will be provided to the Company of compliance and the matter will be closed. If the company does not regain compliance after the initial 180-day period, the company may qualify for additional time if it meets the market value of publicly held shares and all other initial listing criteria of The Nasdaq for continued listing. The capital market, except for the bid price requirement, and is required to provide written notice of intention to cure the deficiency during the second compliance period.
If the company cannot demonstrate compliance by the end of the 180-day period, Nasdaq’s staff will notify the company that its common stock is subject to delisting.
The letter will have no immediate effect on the Company’s Nasdaq listing or the trading of its common stock, and during the grace period, as may be extended, PainReform’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “PRFX”.
About PainReform Ltd
PainReform is a clinical-stage specialty pharmaceutical company focused on the improvement of established therapies. PRF-110, the company’s flagship product, is based on the local anesthetic ropivacaine, targeting the postoperative analgesia market. PRF-110 is an oil-based, viscous, clear solution that is deposited directly into the surgical wound bed prior to closure to provide local and extended postoperative analgesia. The company’s proprietary extended-release drug-delivery system is designed to provide an extended period of postoperative pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates. For more information, please visit www.painreform.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements about our expectations, beliefs and objectives. Forward-looking statements can be identified by the use of the words “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “could”, “seek”, “target”, ” will”, “project”, “forecast”, “continue” or “expect” or their negations or variations of these words or other comparable words or these statements are not strictly related to historical matters. These forward-looking statements are based on assumptions and assessments made in light of management’s experience and understanding of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any statements as to future events or otherwise as a result of new information. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are beyond our control. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated, including, but not limited to, the following: our history of significant losses, our need to raise additional capital and our ability to obtain additional capital on acceptable terms, or at all; our dependence on the success of our initial product candidate PRF-110; the results of preclinical studies, clinical trials and other research related to PRF-110 and future product candidates; the impact of the COVID-19 pandemic on our operations; our limited experience conducting clinical trials; our ability to retain key personnel and hire additional employees; our reliance on third parties for clinical trials, product manufacturing and development; the impact of competition and new technologies; our ability to comply with regulatory requirements related to the development and marketing of our product candidates; commercial success and market acceptance of our product candidates; our ability to establish sales and marketing capabilities or enter into agreements with third parties and our reliance on third-party distributors and resellers; our ability to establish and maintain strategic partnerships and other corporate collaborations; implementation of our business model and strategic plans for our business and product candidates; the extent of protection we are able to establish and maintain for intellectual property rights and our ability to conduct our business without infringing the intellectual property rights of others; the overall global economic environment; our ability to develop an active trading market for our common stock and whether the market price of our common stock is volatile; and statements regarding the impact of the political and security situation in Israel on our business. More detailed information about the risks and uncertainties affecting us is contained in the company’s most recent annual report on Form 20-F, included under the heading “Risk Factors,” and in other filings we have made and may make with the Securities and Exchange Commission. the future
Crescendo Communications, LLC
Email: [email protected]
Chief Executive Officer
PAIN REFORM LIMITED
Email: [email protected]