Full Press Release Details
Wave BioPharma Regains Compliance With Nasdaq's Minimum Bid Price Requirement
Panel Oversight Process Closed
RATON, Fla., Feb. 7, 2023 (GLOBE NEWSWIRE) -- First Wave BioPharma, Inc. (NASDAQ:FWBI) ("First Wave BioPharma" or the "Company"),
a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal
(GI) diseases, today announced that on February 6, 2023, the Company received formal notice from the Nasdaq Hearing Panel (the "Panel")
indicating that First Wave BioPharma has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2) and advised that the Panel's oversight process of the Company is now closed. The Panel previously notified the Company
on December 20, 2022, that the Company had regained compliance with the minimum stockholders' equity requirement (the "Minimum
Stockholders' Equity Requirement") set forth in Nasdaq Listing Rule 5550(b)(1) based on the Company's representation
that following the closing of its private placement offering for gross proceeds of approximately $2.5 million on November 22, 2022, the
Company believed it had stockholders' equity in excess of the $2.5 million required under the Minimum Stockholders' Equity
our Nasdaq listing is key to our growth strategy and our efforts to generate long-term shareholder value by expanding awareness of First
Wave BioPharma within the investment community," stated James Sapirstein, Chairman, President and CEO of First Wave BioPharma.
About First Wave BioPharma, Inc.
First Wave BioPharma is a clinical-stage
biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The
Company is currently advancing a therapeutic development pipeline with multiple clinical stage programs built around its two proprietary
technologies - the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients,
and niclosamide, an oral small molecule with anti-inflammatory properties. First Wave is advancing two Phase 2 clinical programs built
around adrulipase for the treatment of exocrine pancreatic insufficiency (FW-EPI) in patients with cystic fibrosis (CF) and chronic pancreatitis
(CP). In developing adrulipase, First Wave is seeking to provide CF and CP patients with a safe and effective therapy to control EPI
that is non-animal derived and offers the potential to dramatically reduce their daily pill burden. The company is also advancing multiple
programs involving niclosamide, including FW-UP for ulcerative proctitis and ulcerative proctosigmoiditis, FW-UC for ulcerative colitis,
and FW-CD for Crohn's disease. First Wave BioPharma is headquartered in Boca Raton, Florida. For more information visit www.firstwavebio.com.
Forward-Looking Statement
This press release may contain certain
statements relating to future results which are forward-looking statements. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking
statements, depending on factors including whether results obtained in preclinical and nonclinical studies and clinical trials will be
indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative
of the final results of the trial; whether the Company will be able maintain compliance with Nasdaq's continued listing criteria
and the effect of a delisting from Nasdaq on the market for the Company's securities; the size of the potential markets for the
Company's drug candidates and its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related
settlement and their effect on the Company's business, operating results and financial prospects; and the Company's current
and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning
the Company and its business, including a discussion of factors that could materially affect the Company's financial results are
contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under the heading "Risk Factors,"
as well as the Company's subsequent filings with the Securities and Exchange Commission. All forward-looking statements included
in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or
correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
First Wave BioPharma, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
Tiberend Strategic Advisors, Inc.
David Schemelia: (609) 468-9325
Bill Borden: (732) 910-1620