Full Press Release Details
Allarity Therapeutics Regains Compliance with
Nasdaq's Minimum Stockholders' Equity Requirement
Boston (May 20, 2024)-Allarity Therapeutics, Inc. ("Allarity"
or the "Company") (NASDAQ: ALLR), a Phase 2 clinical-stage pharmaceutical company dedicated to developing personalized cancer
treatments, today announced that it has received formal written notice from The Nasdaq Stock Market, LLC's Office of General Counsel
("Nasdaq") that the Company has regained compliance with the minimum stockholders' equity requirement as set forth in Nasdaq
Listing Rule 5550(b)(1) (the "Equity Rule").
This confirmation follows the Company's successful efforts to
cut operation costs and improve its balance sheet, including raising new equity and reducing outstanding liabilities. As a result, Allarity
Therapeutics now meets the stockholders' equity requirement of at least $2.5 million.
Thomas Jensen, CEO of Allarity Therapeutics, stated, "We are
very pleased to announce that Allarity has regained compliance with Nasdaq's equity requirement. During our panel hearing with Nasdaq
in February this year, we presented a strategic plan to achieve this goal, and I am satisfied to note that we have successfully delivered
on our commitments and received formal confirmation from Nasdaq. This allows us to continue focusing on our mission to advance our lead
asset, stenoparib, toward regulatory approval with the aim of bringing this promising therapy to patients in need of new treatment options
for advanced ovarian cancer."
As part of the compliance confirmation, Allarity Therapeutics will
be subject to a mandatory panel monitor for one year.
As announced in an earlier press release, the Company intends to provide
a more comprehensive clinical update in the near future to share more details on the progress made following the early conclusion of its
Company's Drug Response Predictor (DRP ) guided Phase 2 trial of stenoparib in advanced, recurrent ovarian cancer.
About the Drug Response Predictor - DRP Companion
Allarity uses its drug-specific DRP to select those
patients who, by the gene expression signature of their cancer, are found to have a high likelihood of benefiting from a specific drug.
By screening patients before treatment, and only treating those patients with a sufficiently high, drug-specific DRP score, the therapeutic
benefit rate may 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 expression profiles 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 dozens of clinical studies (both
retrospective and prospective). 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 the peer-reviewed literature.
Allarity Therapeutics, Inc. | 24 School Street, 2nd Floor | Boston, MA | U.S.A. | NASDAQ: ALLR | www.allarity.com
About Allarity Therapeutics
Allarity Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage biopharmaceutical
company dedicated to developing personalized cancer treatments. The Company is focused on development of stenoparib, a novel PARP/Tankyrase
inhibitor for advanced ovarian cancer patients, using its DRP companion diagnostic for patient selection in the ongoing
phase 2 clinical trial, NCT03878849. Allarity is headquartered in the U.S., with a research facility in Denmark, and is committed to addressing
significant unmet medical needs in cancer treatment. For more information, visit www.allarity.com.
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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 the Company'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, the impact of recent financial and operational achievements on future quarterly performance,
potential future financings, and the anticipated regulatory progress of stenoparib following the early conclusion of our Phase 2 clinical
trial. Any forward-looking statements in this press release are based on management's current expectations of future events and
are subject to multiple 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 risks associated with
maintaining compliance with Nasdaq's continued listing requirements, obtaining regulatory approval for stenoparib, and potential market
fluctuations that could impact our financial stability and the drug's market entry. 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 filed on April 17, 2024, and our Form 10-K
annual report on file with the Securities and Exchange Commission (the "SEC"), available at the SEC'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 SEC. 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.
Carrotize PR & Communications
Allarity Therapeutics, Inc. | 24 School Street, 2nd Floor | Boston, MA | U.S.A. | NASDAQ: ALLR | www.allarity.com