Full Press Release Details
Allarity Therapeutics Receives
of Non-Compliance with Listing Rule 5250(c)(1)
Cambridge, MA U.S.A. (April 22, 2022) -
Allarity Therapeutics, Inc. (Nasdaq: ALLR) ("Allarity" or the "Company"), a clinical-stage pharmaceutical company
developing novel oncology therapeutics together with drug-specific DRP companion diagnostics for personalized cancer care,
today announced that on April 20, 2022, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result
of not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, with the Securities and Exchange
This notification has no immediate effect on the listing
of the Company's common stock on the Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule,
the Company's common stock will be subject to delisting from Nasdaq.
Under the Nasdaq rules, the Company has 60 calendar
days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company's plan, then Nasdaq
may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance. If Nasdaq does not accept
the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Company is working diligently and expects to file
its Form 10-K within the 60-day period, which ends on June 19, 2022, which would eliminate the need for the Company to submit a formal
plan to regain compliance.
About Allarity Therapeutics
Allarity Therapeutics, Inc. (Nasdaq: ALLR) develops
drugs for personalized treatment of cancer guided by its proprietary and highly validated companion diagnostic technology, the DRP
platform. The Company has a mature portfolio of five drug candidates: stenoparib, a PARP inhibitor in Phase 2 development for ovarian
cancer; dovitinib, a post-Phase 3 pan-tyrosine kinase inhibitor; IXEMPRA (Ixabepilone), a microtubule inhibitor approved
in the U.S. for the treatment of second-line metastatic breast cancer and in Phase 2 development in Europe for the same indication; and
2X-111, a liposomal formulation of doxorubicin in Phase 2 development for metastatic breast cancer and/or glioblastoma multiforme (GBM).
LiPlaCis , a liposomal formulation of cisplatin and its accompanying DRP is being developed via a partnership
with Chosa ApS, an affiliate of Smerud Medical Research International, for late-stage metastatic breast cancer. The Company is headquartered
in the United States and maintains an R&D facility in Hoersholm, Denmark. For more information, please visit the Company's website
About the Drug Response Predictor - DRP
Companion Diagnostic
Allarity uses its drug-specific DRP
to select those patients who, by the genetic signature of their cancer, are found to have a high likelihood of responding to the specific
drug. By screening patients before treatment, and only treating those patients with a sufficiently high DRP score, the
therapeutic response rate can be significantly increased. The DRP method builds on the comparison of sensitive vs. resistant
human cancer cell lines, including transcriptomic information from cell lines combined with clinical tumor biology filters and prior clinical
trial outcomes. DRP is based on messenger RNA from patient biopsies. The DRP platform has proven its ability
to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients in 37 out of 47 clinical
studies that were examined (both retrospective and prospective), including ongoing, prospective Phase 2 trials of Stenoparib and IXEMPRA .
The DRP platform, which can be used in all cancer types and is patented for more than 70 anti-cancer drugs, has been extensively
published in peer reviewed literature.
Follow Allarity on Social Media
Facebook: https://www.facebook.com/AllarityTx/
Twitter: https://twitter.com/allaritytx
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide Allarity's
current expectations or forecasts of future events. The words "anticipates," "believe," "continue,"
"could," "estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predicts," "project," "should," "would"
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, but are not limited to, statements relating to the timing for the filing of
the Company's annual report on Form 10-K with the SEC. the Company's re-submission of an NDA for dovitinib and its re-submission
of an PMA for the drug-specific DRP companion diagnostic for dovitinib, any statements related to ongoing clinical trials
for stenoparib for the treatment of advanced ovarian cancer, or ongoing clinical trials (in Europe) for IXEMPRA for the
treatment of metastatic breast cancer, and statements relating to the effectiveness of the Company's DRP companion
diagnostics platform in predicting whether a particular patient is likely to respond to a specific drug. Any forward-looking statements
in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties
that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to, the risk that results of a clinical study do not necessarily predict
final results and that one or more of the clinical outcomes may materially change following more comprehensive reviews of the data, and
as more patient data become available, the risk that results of a clinical study are subject to interpretation and additional analyses
may be needed and/or may contradict such results, the receipt of regulatory approval for dovitinib or any of our other therapeutic candidates
or, if approved, the successful commercialization of such products, the risk of cessation or delay of any of the ongoing or planned clinical
trials and/or our development of our product candidates, the risk that the results of previously conducted studies will not be repeated
or observed in ongoing or future studies involving our therapeutic candidates, and the risk that the current COVID-19 pandemic will impact
the Company's current and future clinical trials and the timing of the Company's preclinical studies and other operations.
For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ
from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our Form S-1 registration
statement (as amended from time to time) on file with the Securities and Exchange Commission, available at the Securities and
Exchange Commission's website at www.sec.gov, and as well as discussions of potential risks, uncertainties and other important
factors in the Company's subsequent filings with the Securities and Exchange Commission. All information in this press release
is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Chief Financial Officer
Carrotize PR & Communications