Aslan Pharmaceuticals Ltd (NASDAQ: ASLN) has announced that the Department of the Nasdaq Stock Market LLC has sent a notification stating it hasn’t complied with the minimum $1 bid price as per the rules. The company had failed to comply with this requirement for the past 30 days.
Aslan Pharmaceuticals has 180 business days to regain compliance
Fortunately, the notice only warns the company about its deficiency. It has no bearing on the company’s listing on the Nasdaq stock exchange; thus, it could continue trading, operating, and reporting financial statements with the SEC.
However, Nasdaq states that it has given the company 180 days to comply with the regulation. This could require the company to pass or meet the minimum $1 bid for ten consecutive days. If it doesn’t meet the requirement in 180 days, Aslan could either get an extra 180 days or Nasdaq could delist it.
Aslan Pharmaceuticals has stated that it will monitor its bid price for 180 days to determine how it could regain compliance with the regulations.
Trials that the company is conducting
Aslan Pharmaceuticals is a pharmaceutical company that develops several groundbreaking theories. The company is currently working on ASLAN004. ASLAN004 is a monoclonal antibody targeting IL-13R-alpha1.
Aslan Therapeutics hopes that this therapy could be among the first in the class to treat atopic dermatitis. It is currently conducting a Phase I study to treat the disease. If the trial results are positive, they could be crucial for millions of people around the work.
The reason is that atopic dermatitis affects about 200 million patients globally. It is also one of the most prevalent skin disorders. Despite the disease being so common, there are very few treatments for people with atopic dermatitis. Moreover, moderate to severe cases can be challenging to treat.
The company is also developing ASLAN003, a dihydroorotate dehydrogenase inhibitor. The therapy is for autoimmune disorders. It is highly selective and thus very effective. In addition, the therapy is more robust than teriflunomide, which is the standard of care.
Despite its potency, the drug has low hepatotoxicity. For this reason, the therapy is ideal for patients with liver issues and long-term use.
