MORRISVILLE, N.C.–(BUSINESS WIRE)– Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical
company focused on providing products to address conditions with
significant unmet medical needs, today announced that it has regained
compliance with the minimum bid price requirement of $1.00 per share for
continued listing on the Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2) (the “Bid Price Rule”).
On February 23, 2018, Tenax effected a 1-for-20 reverse stock split of
its outstanding common stock intended to increase the per share trading
price of Tenax’s common stock to satisfy the requirements of the Bid
Price Rule. On March 12, 2018, Tenax received a letter from the Nasdaq
Listing Qualifications Department stating that because Tenax’s shares of
common stock had a closing bid price at or above $1.00 per share for a
minimum of ten (10) consecutive business days, Tenax had regained
compliance with the Bid Price Rule and the matter is now closed.
About Tenax Therapeutics
Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused
on licensing, development, and commercialization of drugs that address
conditions with high unmet medical need. The Company has a world-class
scientific team including recognized global experts in pulmonary
hypertension. The Company owns the North American rights to develop and
commercialize levosimendan and expects to start a Phase 2 clinical trial
in the treatment of Pulmonary Hypertension associated with Heart Failure
and preserved Ejection Fraction (PH-HFpEF) the later part of next
quarter. For more information, visit www.tenaxthera.com.
Levosimendan is a calcium sensitizer that works through a unique triple
mechanism of action. It initially was developed for intravenous use in
hospitalized patients with acutely decompensated heart failure. It was
discovered and developed by Orion Pharma, Orion Corporation of Espoo
Finland, and is currently approved in over 60 countries for this
indication and not available in the United States. Tenax Therapeutics
acquired the North American rights to develop and commercialize
levosimendan from Phyxius Pharma, Inc.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the
company that involve risks and uncertainties and reflect the Company’s
judgment as of the date of this release. The forward-looking statements
are subject to a number of risks and uncertainties, including, but not
limited to matters beyond the Company’s control that could lead to
delays in the clinical study, delays in new product introductions and
customer acceptance of these new products, matters beyond the Company’s
control that could impact the Company’s continued compliance with Nasdaq
listing requirements, and other risks and uncertainties as described in
the Company’s filings with the Securities and Exchange Commission,
including in its annual report on Form 10-K filed on March 16, 2017, its
quarterly report on Form 10-Q filed on November 9, 2017, and its other
filings with the SEC. The Company disclaims any intent or obligation to
update these forward-looking statements beyond the date of this release.
Statements in this press release regarding management’s future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.
Source: Tenax Therapeutics, Inc.