Full Press Release Details
NLS Pharmaceutics Announces
Receipt of Notice of Deficiency with Nasdaq Continued Listing Requirements
Switzerland/Zurich, April 1, 2022 - NLS
Pharmaceutics Ltd. (Nasdaq: NLSP, NLSPW) ("NLS" or the "Company"), a Swiss clinical-stage biopharmaceutical company
focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders,
announces that it has received a letter from the Listing Qualifications staff of
The Nasdaq Stock Market ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity
requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders'
equity of at least $2,500,000. Further, the Company did not meet the alternative compliance standards relating to the market value
of listed securities or net income from continuing operations, as set forth in Nasdaq Marketplace Rule 5550(b)(1). In accordance with
Nasdaq Marketplace Rule 5810(c)(2)(A), the Company has 45 calendar days, or until May 16, 2022, to submit a plan to regain compliance.
If the plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the letter to evidence compliance.
The notification letter has no immediate effect on the Company's listing on the Nasdaq Capital Market.
About NLS Pharmaceutics
Pharmaceutics Ltd. is a Swiss clinical-stage biopharmaceutical company led by an experienced management team with a track record of developing
and repurposing product candidates to treat rare and complex central nervous system disorders. The Company's lead product candidate, Quilience ,
is a proprietary extended-release formulation of Mazindol (Mazindol ER) and is being developed for the treatment of narcolepsy, and potentially
other sleep-wake disorders such as idiopathic hypersomnia (IH). Mazindol is a triple monoamine reuptake inhibitor and partial Orexin-2
Receptor agonist, which was used for many years to treat patients diagnosed with narcolepsy in compassionate use programs. A Phase 2a
clinical trial evaluating Quilience in
adult subjects suffering from narcolepsy is currently ongoing in the United States. Previously, NLS successfully completed a Phase 2 study
in the U.S. evaluating Nolazol (Mazindol
Controlled-Release) in adult subjects suffering from ADHD. The study met all primary and secondary endpoints and Nolazol
was well-tolerated. Quilience
has received Orphan Drug Designations both in the U.S. and in Europe for
the treatment of narcolepsy. Up to 1/3 of narcoleptic patients are also diagnosed with ADHD. NLS has announced that it plans to enable
patients diagnosed with IH to access treatment with Quilience through
an Early Access Program (EAP). EAPs have great potential to benefit all stakeholders involved, from the patient who receives the medicine
early, to the pharmaceutical company who provides it. Although EAPs can represent a significant undertaking, companies who invest in them
can see considerable benefit in terms of launch preparedness, relationship building and market penetration.
Alex Zwyer, CEO: +41 44 512 21 50
Investor Relations Contact
Cindy Rizzo: +1 908-229-7050
Pascal Nigen: +1 917-385-2160