Full Press Release Details
NLS Pharmaceutics Announces Receipt of
Staff Delisting Determination from Nasdaq; Intends to Request Hearing
Z RICH, SWITZERLAND / ACCESSWIRE
/ April 19, 2024 / NLS Pharmaceutics Ltd. (NASDAQ:NLSP)(NASDAQ: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 on April 17, 2024, it received a determination letter (the "Letter") from the staff
(the "Staff") of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company
of the Staff's determination that, unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the "Panel"),
the Company's securities would be subject to delisting from The Nasdaq Capital Market due to the Company's failure to maintain at least
a $1 bid price per share over the course of 30 consecutive business days, as set forth in Nasdaq Listing Rule 5550(a)(2). Accordingly,
the Company intends to timely request a hearing before the Panel. The hearing request will stay any suspension or delisting action pending
the hearing and the expiration of any additional extension period granted by the Panel following the hearing.
At the hearing, the Company intends
to present a plan to achieve compliance with the bid price requirement, as well as any other applicable Nasdaq listing requirements,
and to request that the Panel allow the Company additional time to regain such compliance. However, there can be no assurance that the
Panel will grant the Company's request for an extension or that the Company will ultimately regain compliance with all applicable requirements
for continued listing.
About NLS Pharmaceutics Ltd.
NLS 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), for which NLS recently obtained Orphan Disease Designation (ODD) from the European
Medicines Agency (EMA). 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 multi-center U.S. clinical trial evaluating
Quilience in adult subjects suffering from narcolepsy met its primary endpoint with high statistical significance and
demonstrated a favorable safety and tolerability profile. NLS also 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.
Safe Harbor Statement
This press release contains expressed
or implied forward-looking statements pursuant to U.S. Federal securities laws. For example, NLS is using forward-looking statements
when it discusses its intention to appeal the delisting determination. These forward-looking statements and their implications are based
on the current expectations of the management of NLS only and are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause
actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements;
NLS may encounter delays or obstacles in launching and/or successfully completing its clinical trials; NLS' products may not be approved
by regulatory agencies, NLS' technology may not be validated as it progresses further and its methods may not be accepted by the scientific
community; NLS may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen
scientific difficulties may develop with NLS' process; NLS' products may wind up being more expensive than it anticipates; results in
the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate
with the results of human clinical trials; NLS' patents may not be sufficient; NLS' products may harm recipients; changes in legislation
may adversely impact NLS; inability to timely develop and introduce new technologies, products and applications; loss of market share
and pressure on pricing resulting from competition, which could cause the actual results or performance of NLS to differ materially from
those contemplated in such forward-looking statements. Except as otherwise required by law, NLS undertakes no obligation to publicly
release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting NLS is contained under the
heading "Risk Factors" in NLS' annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC, which is
available on the SEC's website, www.sec.gov, and in subsequent filings made by NLS with the SEC.
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