Benzinga | Oct 29, 2020 08:42AM EDT

Jaguar Health Says Nasdaq Hearings Panel Granted Co. Extension Through December 23, 2020 To Evidence Compliance With The Minimum Bid Price Requirement Under Nasdaq Listing Rule

SAN FRANCISCO, CA / ACCESSWIRE / October 29, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) ("Jaguar" or the "Company") today announced that on October 28, 2020 the Company received formal notice that the Nasdaq Hearings Panel (the "Panel") granted Jaguar an extension through December 23, 2020 to evidence compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Rule"). In order to comply with the Rule, the Company must have a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days by December 23, 2020.

As previously disclosed, the Company earlier received notice from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC indicating that the Company no longer satisfied the Rule and was therefore subject to delisting. In response, the Company timely requested a hearing before the Panel, which request stayed any further action by the Staff. The hearing was held on October 22, 2020.

"We are pleased that the Panel has provided us this positive Nasdaq listing determination," Lisa Conte, Jaguar's president and CEO, said. "We believe our efforts since the second quarter of 2020 to implement our expanded patient access programs for Mytesi(r), and our focus on long-term investors and non-dilutive financings, including our recent royalty-based capital infusion of $6.0 million, are improving our long-term financial prospects. Additionally, with the initiation earlier this month by our wholly owned subsidiary, Napo Pharmaceuticals, Inc., of the pivotal Phase 3 clinical trial of crofelemer (Mytesi) for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy ("cancer therapyrelated diarrhea" (CTD)), we believe the value generated in the Company will be realized as we plan to regain compliance with the Nasdaq minimum bid price requirement."