NEW YORK - Synaptogenix, Inc. (NASDAQ:SNPX), a biopharmaceutical firm focused on neurodegenerative diseases, has regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market. The company had previously been notified of non-compliance due to its stock price falling below the $1.00 threshold for 30 consecutive business days.
In response to the initial notice of non-compliance received on April 24, 2023, Synaptogenix executed a 1-for-25 reverse stock split on April 4, 2024. This strategic move was aimed at boosting the trading price of its common stock, which began trading on a split-adjusted basis the following day under a new CUSIP number. As a result of these actions, the stock maintained a closing bid price of $1.00 or more for at least 10 consecutive business days, as required by the Nasdaq Listing Rule 5550(a)(2).
Synaptogenix has a history of developing innovative therapies for conditions such as Alzheimer's disease and has conducted clinical and preclinical studies of its lead therapeutic candidate, Bryostatin-1. This drug has also shown promise in preclinical studies for treating rare diseases like Fragile X syndrome, as well as other neurodegenerative disorders including multiple sclerosis, stroke, and traumatic brain injury.
The U.S. Food and Drug Administration has granted Bryostatin-1 Orphan Drug Designation as a treatment for Fragile X syndrome. Additionally, Bryostatin-1 has been tested in over 1,500 individuals in cancer studies, creating a substantial safety database to support future clinical trials.
The return to compliance with Nasdaq's listing rules marks a positive step for Synaptogenix, providing the company with a stable platform to continue its work in the neurodegenerative disease space. This update is based on a press release statement from Synaptogenix, Inc.
InvestingPro Insights
In light of Synaptogenix, Inc.'s recent maneuvers to stabilize its stock price and maintain its Nasdaq listing, a deeper dive into the company's financial health and market performance is warranted. According to InvestingPro data, Synaptogenix currently holds a market capitalization of $4.98 million. However, the company's financial metrics indicate some challenges, with an Operating Income of -$8.31 million in the last twelve months as of Q4 2023, and a Return on Assets standing at -17.32% for the same period. Furthermore, the stock price has experienced a significant decline over the past year, with a 1 Year Price Total Return of -80.76%.
InvestingPro Tips for Synaptogenix reveal a mixed financial landscape. On the positive side, the company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations, suggesting a degree of financial stability in the immediate future. On the other hand, Synaptogenix is not profitable over the last twelve months, suffers from weak gross profit margins, and is quickly burning through cash, which may raise concerns about its long-term financial sustainability. Additionally, the stock price movements are quite volatile, which could be a red flag for risk-averse investors.
For a more comprehensive analysis, there are additional InvestingPro Tips available for Synaptogenix, which can be found at Investing.com/pro/SNPX. These tips provide valuable insights into the company's valuation, stock price trends, and other critical financial metrics. Readers interested in a deeper dive into Synaptogenix's financials can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering further expert analysis and up-to-date data to inform investment decisions.
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