On February 15, 2023 Hillstream BioPharma, Inc. (Nasdaq: HILS) ("Hillstream" or the "Company"), a biotechnology company developing therapeutic candidates targeting drug resistant and devastating cancers using ferroptosis, an emerging new anti-cancer mechanism resulting in iron-mediated cell death, and immuno-oncology targeted novel biologics, reported that it has regained compliance with the Nasdaq listing minimum bid price requirement for continued listing on the Nasdaq Capital Market exchange (Press release, Hillstream Biosciences, FEB 15, 2023, View Source [SID1234627399]).
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"Ever since our IPO, our Nasdaq listing is an important underlying component of our capital markets strategy," said Randy Milby, CEO of Hillstream. "Although we don’t control our share price, we remain ever steadfast and working as diligently as possible to advance our therapeutic candidates and execute on our business plan."
Hillstream was previously notified by Nasdaq on October 22, 2022 that it was not in compliance with the minimum bid-price listing rule (under Rule 5550(a)(2)) because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance , the Company was required to maintain a minimum closing bid price of $1.00 or more for at least ten consecutive trading days which was met on February 13, 2023.
The Company hosted its virtual R&D Day on February 14, 2023 where it covered its product and pipeline goals across its 4 pipeline candidates. Hillstream recently signed an exclusive option agreement with Applied Biomedical Science Institute to license technology for HER2 and HER3 to be developed for potential treatments against drug resistant cancers including HER2-positive metastatic breast cancer, gastric cancer, lung cancer and ovarian cancer.
On February 10 th , Hillstream announced a recent preclinical study of its lead drug candidate HSB-1216 in combination with pembrolizumab, demonstrating positive results against KRAS-G12C-mutated non-small cell lung cancer cells.