ATLANTA – Alzamend Neuro, Inc. (NASDAQ:ALZN), a clinical-stage biopharmaceutical firm, has acquired approval from the Nasdaq Hearings Panel to proceed its itemizing on The Nasdaq Capital Market. The choice is contingent upon the corporate demonstrating compliance with the Nasdaq’s Stockholder Fairness Rule, which requires a minimal stockholder fairness of $2.5 million, by September 23, 2024.
The CEO of Alzamend, Stephan Jackman, expressed gratitude in the direction of the Panel for granting the extension, which permits the corporate extra time to fulfill the required monetary standards. Jackman affirmed Alzamend’s dedication to adhering to the compliance plan offered to the Panel and conveyed pleasure about sustaining the corporate’s presence on the Nasdaq.
Alzamend Neuro is engaged in growing therapies for Alzheimer’s illness, bipolar dysfunction, main depressive dysfunction, and post-traumatic stress dysfunction. The corporate’s pipeline consists of two novel therapeutic drug candidates: AL001, which makes use of ionic cocrystal know-how to ship lithium, and ALZN002, a cell-based therapeutic vaccine aimed toward combating Alzheimer’s.
The corporate’s progress and compliance efforts are documented in public filings and press releases, that are accessible to stockholders, buyers, and different events underneath the Investor Relations part of Alzamend’s web site or by way of the U.S. Securities and Change Fee.
This announcement is predicated on a press launch assertion from Alzamend Neuro, Inc. The corporate’s forward-looking statements contain predictions primarily based on present expectations and are topic to dangers and uncertainties.
Alzamend has acknowledged that it doesn’t intend to replace any forward-looking statements publicly, no matter new data or future occasions, and acknowledges that precise outcomes may materially differ from these projected.
InvestingPro Insights
As Alzamend Neuro, Inc. (NASDAQ:ALZN) works in the direction of assembly the Nasdaq’s Stockholder Fairness Rule, buyers are retaining a detailed eye on the corporate’s monetary well being and market efficiency. In accordance with InvestingPro knowledge, Alzamend’s market capitalization at present stands at a modest $4.33 million. The corporate’s price-to-earnings (P/E) ratio is deeply unfavorable at -0.34, reflecting the market’s sentiments about its profitability challenges.
InvestingPro Suggestions recommend that Alzamend is quickly depleting its money reserves and is grappling with weak gross revenue margins. These elements contribute to analysts’ expectations that the corporate won’t obtain profitability inside this yr. Furthermore, Alzamend’s short-term obligations surpass its liquid property, indicating potential liquidity dangers.
Alzamend’s inventory worth efficiency has additionally been a trigger for investor concern. Over the past yr, the corporate’s inventory worth has plummeted by an alarming 91.93%, and it’s at present buying and selling at solely 5.29% of its 52-week excessive. Regardless of these challenges, the corporate has a good worth estimate of $0.78 in response to InvestingPro’s truthful worth evaluation, which may recommend a possible undervaluation at its latest closing worth of $0.63.
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