Nasdaq grants Biomerica an additional 180 days to meet listing compliance requirements
IRVINE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Biomerica, Inc. (NASDAQ:BMRA), a leading global provider of advanced medical diagnostics, announced that it has been granted an additional 180-day compliance period from the Nasdaq Stock Market LLC ("Nasdaq") to meet the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market. This extension allows Biomerica until May 5, 2025, to regain compliance.
This extension was provided because Biomerica currently meets the other continued listing requirement, including the minimum market value of publicly held shares, as well as all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement. The 180-day extension was also granted based on the Company's written notice of its intention to cure the deficiency during the 180-day compliance period.
To regain compliance, Biomerica's common stock must close at or above a $1.00 per share bid price for at least ten consecutive business days prior to May 5, 2025. The Company is actively pursuing steps to meet this requirement and remains committed to maintaining its Nasdaq listing.
About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica primarily focuses on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.
About inFoods®
The inFoods IBS test is designed to assess a patient's above normal immunoreactivity to specific foods utilizing a simple finger-stick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the inFoods IBS information to make targeted, patient-specific recommendations about trigger foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. - a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The clinical results for improvement in the Abdominal Pain Intensity (API) responder endpoint of >30% reduction in pain, for IBS patients in the treatment diet arm was greater than patients in the placebo diet arm (p-value of 0.0246). The improvement for patients in the treatment arm versus the placebo arm is considered clinically significant and for certain endpoints is similar and, in some cases, better than the current drugs in the market. Further information about Biomerica's patented inFoods® Technology Platform can be found at: www.infoodsibs.com
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking, such as statements relating to the Company's efforts to meet current and future NASDAQ listing requirements, the possibility and or probability that the Company will actually meet such requirements, the likelihood that the Company will meet and remain in compliance with the minimum bid price requirement and with all other regulatory requirements of NASDAQ in the future, statements related to sales, revenues, overhead, expenses, cost of goods, operations and earnings, efficacy of the Company's products and tests, FDA and/or international regulatory authorization for the Company's products to be marketed and sold, including the inFoods IBS product, and the Company's other current and future products, the possible expansion in to other markets, uniqueness of the Company's products, accuracy of the Company's tests and products, expected completion of clinical studies, pricing of the Company's test kits, domestic and/or international market adoption and acceptance and demand for the Company's products, future use of the Company's products by physicians to treat their patients, potential revenues from the sale of current or future products. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results, in the future, including, without limitation: earnings and other financial results; results of studies testing the efficacy of the Company's inFoods tests and other products; regulatory approvals necessary prior to commercialization of the Company's products; availability of the Company's test kits and other products; capacity, shipping logistics, resource and other constraints on our suppliers; dependence on our third party manufacturers; dependence on international shipping carriers; governmental import/export regulations; demand for our various tests and other products; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that make it difficult or impossible for the company to maintain current operations; regulatory compliance and oversite, and the Company's ability to obtain patent protection on any aspects of its diagnostic or therapeutic technologies. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Additionally, potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact:
Zack Irani
949-645-2111
[email protected]
Source: Biomerica, Inc.
