Hillstream BioPharma Regains Compliance with Nasdaq Listing Minimum Bid Price Rule
February 15, 2023
Company Hosted its R&D Day to Discuss Product and Pipeline Goals Across 4 Pipeline Candidates and its Quatramer™ Tumor-Targeting Platform; Multiple inflection points over the next 12-18 Months
Company’s Novel Emerging Anti-Cancer Mechanism, Ferroptosis, Addresses Potential Key Target Oncology Markets Projected to reach $11 Billion in 2028
Signs 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
Highlight 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
BRIDGEWATER, N.J., Feb. 15, 2023 (GLOBE NEWSWIRE) — 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, today announced that it has regained compliance with the Nasdaq listing minimum bid price requirement for continued listing on the Nasdaq Capital Market exchange.
“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.
About Hillstream BioPharma Inc.
Hillstream BioPharma, Inc. is 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. The Company’s most advanced candidate, HSB-1216, expected to enter clinical trials in 2023, targets ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death (IMCD) of drug resistant cancers. The Company’s emerging immuno-oncology pipeline is led by the HSB-1940 Quatrabody™, an anti-PD-1 novel biologic coated onto Quatramers, expected to enter the clinic in 2024. Hillstream’s Quatramer™ proprietary tumor targeting platform extends duration of action and minimizes off-target toxicity for biologics, mRNA, peptides, small molecules and other modalities in the tumor microenvironment. Quatrabody conjugates novel biologics developed against undruggable epitopes of validated immuno-oncology targets, including PD-1, HER2, PDL-1 and TROP2 with greater binding affinity than approved therapies. For more information, please visit: www.hillstreambio.com .
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Hillstream’s expectations, strategy, plans or intentions. These forward-looking statements are based on Hillstream’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, including the outbreak of COVID-19 coronavirus, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2021 and our periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Hillstream does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.