RXi Pharmaceuticals Corporation (NASDAQ: RXII), a clinical-stage RNAi company developing innovative therapeutics that address significant unmet medical needs, today announced that the Nasdaq Stock Market granted the Company a 180-day extension to meet the listing requirements for continued listing on its exchange.
As previously reported, the Company received notification from Nasdaq stating that it was not in compliance with the minimum bid price requirements because the bid price of the Company's common stock had closed below the minimum $1.00 per share for the 30 consecutive business days.
Per Nasdaq listing rules, the Company was afforded 180 calendar days, or until August 1, 2017, to regain compliance with Nasdaq listing rules. Unable to regain compliance by that time, Nasdaq granted the Company an additional 180 calendar days, or until January 29, 2018, to regain compliance with the bid price requirement. Nasdaq based the determination on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market, except for the bid price requirement. The Company provided a written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
About RXi Pharmaceuticals
RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a clinical-stage company developing innovative therapeutics that address significant unmet medical needs. Building on the pioneering discovery of RNAi, scientists at RXi have harnessed the naturally occurring RNAi process which has the ability to "silence" or down-regulate the expression of a specific gene that may be overexpressed in a disease condition. RXi developed a robust RNAi therapeutic platform, including self-delivering RNA (sd-rxRNA®) compounds, that have the ability to highly selectively block the expression of any target in the genome, thus providing applicability to many therapeutic areas. Our current programs include dermatology, ophthalmology, and cell-based immunotherapy. RXi's extensive patent portfolio provides for multiple product and business development opportunities across a broad spectrum of therapeutic areas, and we actively pursue research collaborations, partnering and out-licensing opportunities with academia and pharmaceutical companies. For additional information, visit the Company's website, www.rxipharma.com.
