© Reuters.
TAMPA – Alzamend Neuro, Inc., a biopharmaceutical company focused on developing treatments for Alzheimer’s disease and other neurological and psychiatric disorders, has successfully regained compliance with the Nasdaq Capital Market’s Minimum Bid Price Requirement. The company received a Compliance Notice from Nasdaq on November 15, 2023, confirming that it had maintained a closing bid price of at least $1.00 per share for ten consecutive trading days, concluding on Monday.
The achievement comes as a positive development following a previous notice of non-compliance. On September 26, 2023, Alzamend was informed that its Market Value of Listed Securities (MVLS) had fallen below the required $35 million threshold for continued listing under Nasdaq Listing Rule 5550(b)(2). The company is now working towards regaining compliance with this requirement by March 25, 2024.
Alzamend’s efforts in the biopharmaceutical arena include two pioneering products aimed at treating Alzheimer’s disease. The first, AL001, leverages an ionic cocrystal technology to deliver lithium through a novel combination of lithium, proline, and salicylate. The second candidate, AL002, is a cell-based therapeutic vaccine designed to rejuvenate the immune system’s ability to fight Alzheimer’s disease. Both products are licensed from the University of South Florida Research Foundation and are part of the company’s strategic initiatives to address the growing need for effective Alzheimer’s treatments.
The recent compliance milestone underscores Alzamend’s commitment to meeting Nasdaq’s listing standards while advancing its clinical programs in a market where innovative therapies are critically needed.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Click Here to Read the Full Original Article at All News…
