Full Press Release Details
Biotech Announces Receipt of Nasdaq Minimum Bid Price Notification
Israel, October 20, 2025 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. ("Purple
Biotech" or "the Company") (NASDAQ/TASE: PPBT), a clinical-stage company developing first-in-class therapies that seek
to overcome tumor immune evasion and drug resistance, today announced that on October 16, 2025, it received a letter from the Listings
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with
the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market, as the closing
bid price for the Company's American Depositary Shares (ADSs) has been below the minimum $1.00 per share requirement under Nasdaq Listing
Rule 5550(a)(2) for 30 consecutive trading days.
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days from the date of the notification
letter from Nasdaq, or until April 14, 2026, to regain compliance with the minimum bid price requirement. If at any time before April
14, 2026 the closing bid price of the Company's ADSs is USD $1.00 or more for a minimum of ten consecutive business days,
the Company will be deemed to have regained compliance with the minimum bid price requirement, following which Nasdaq will provide a
written confirmation of compliance and the matter will be closed.
receipt of the Nasdaq letter has no immediate effect on the Company's Nasdaq listing or the trading of its ADSs, and during the cure
period, as may be extended, the Company's ADSs will continue to trade on the Nasdaq Capital Market under the symbol "PPBT".
The letter from Nasdaq also has no bearing on the Company's listing on the Tel Aviv Stock Exchange, where its ordinary shares are
traded under the symbol "PPBT".
the event that the Company does not regain compliance by April 14, 2026, the Company may then be eligible for an additional 180
days to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. To be eligible, the Company
will need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears
to the Nasdaq staff that the Company will not be able to cure the deficiency during the second compliance period, or if the Company is
otherwise not eligible, Nasdaq will provide written notice that the ADSs are subject to delisting from the Nasdaq Capital Market. In
that event, the Company may appeal the determination to a Nasdaq hearings panel.
Company intends to monitor the closing bid price of its ADS on the Nasdaq and may, if appropriate, consider implementing available options
to cure the deficiency and regain compliance with the minimum bid price requirement within the prescribed compliance period, including
potentially changing the ratio between its ADSs and ordinary shares.
Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion
and drug resistance. The Company's oncology pipeline includes CAPTN-3, CM24 and NT219. The Company is advancing CAPTN-3, a preclinical
platform of conditionally activated tri-specific antibodies, which engage both T cells and NK cells to induce a strong, localized immune
response within the tumor microenvironment. The cleavable capping technology confines the compound's therapeutic activity to the
local tumor microenvironment, thereby potentially increasing the anticipated therapeutic window in patients. The third arm specifically
targets the Tumor Associated Antigen (TAA). The technology presents a novel mechanism of action by unleashing both innate and adaptive
immune systems to mount an optimal anti-tumoral immune response. IM1240 is the first tri-specific antibody in development that targets
the 5T4 antigen, which is expressed in a variety of solid tumors and is associated with advanced disease, increased invasiveness, and
poor clinical outcomes. IM1305 is the second tri-specific antibody from the platform and targets the TROP2 TAA. CM24 is a humanized monoclonal
antibody that blocks CEACAM1, which supports tumor immune evasion and survival through multiple pathways. CEACAM1 on tumor cells, immune
cells and neutrophil extracellular traps is a novel target for the treatment of multiple cancer indications. As proof of concept of these
novel pathways, the Company completed a Phase 2 study for the treatment of pancreatic ductal adenocarcinoma (PDAC) with CM24 as a combination
therapy with the anti-PD-1 checkpoint inhibitor nivolumab and chemotherapy, demonstrating clear and consistent improvement across all
efficacy endpoints and the identification of two potential serum biomarkers and other potential tissue biomarkers. NT219 is a dual inhibitor,
novel small molecule that simultaneously targets IRS1/2 and STAT3. A Phase 1 dose escalation study was concluded as a monotherapy and
in combination with cetuximab, in which NT219 demonstrated anti-tumor activity in combination with cetuximab in second-line patients
with recurrent and/or metastatic squamous cell carcinoma of the head and neck (R/M SCCHN). A Phase 2 study in collaboration with the
University of Colorado, to treat R/M SCCHN patients with NT219 in combination with cetuximab or pembrolizumab was initiated. The Company's
corporate headquarters are located in Rehovot, Israel. For more information, please visit https://purple-biotech.com/.
Statements and Safe Harbor Statement
statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include,
but are not limited to, statements that are not statements of historical fact, and may be identified by words such as "believe",
"expect", "intend", "plan", "may", "should", "could", "might",
"seek", "target", "will", "project", "forecast", "continue" or
"anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements
do not relate strictly to historical matters. For example, the Company is using forward-looking statement in this press release when
it discusses its ability to regain compliance under the Nasdaq's Listing Qualification requirements including by potentially changing
the ratio between its ADSs and ordinary shares to regain the $1.00 minimum bid compliance. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect our current views, expectations,
beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many
of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements
to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Important factors that could cause or contribute to such differences include, among others, risks relating to: the plans, strategies
and objectives of management for future operations; product development for NT219, CM24 and IM1240; the process by which such early stage
therapeutic candidates could potentially lead to an approved drug product is long and subject to highly significant risks, particularly
with respect to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive
process with uncertain outcomes; our ability to successfully develop and commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the impact of any changes in regulation and legislation that could affect the pharmaceutical
industry; the difficulty in receiving the regulatory approvals necessary in order to commercialize our products; the difficulty of predicting
actions of the U.S. Food and Drug Administration or any other applicable regulator of pharmaceutical products; the regulatory environment
and changes in the health policies and regimes in the countries in which we operate; the uncertainty surrounding the actual market reception
to our pharmaceutical products once cleared for marketing in a particular market; the introduction of competing products; patents obtained
by competitors; dependence on the effectiveness of our patents and other protections for innovative products; our ability to obtain,
maintain and defend issued patents; the commencement of any patent interference or infringement action against our patents, and our ability
to prevail, obtain a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation,
and/or regulatory actions, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2024
and in our other filings with the U.S. Securities and Exchange Commission ("SEC"), including our cautionary discussion of
risks and uncertainties under "Risk Factors" in our Registration Statements and Annual Reports. These are factors that we
believe could cause our actual results to differ materially from expected results. Other factors besides those we have listed could also
adversely affect us. Any forward-looking statement in this press release speaks only as of the date on which it is made. We disclaim
any intention or obligation to publicly update or revise any forward-looking statement or other information contained herein, whether
as a result of new information, future events or otherwise, except as required by applicable law. You are advised, however, to consult
any additional disclosures we make in our reports to the SEC, which are available on the SEC's website, https://www.sec.gov.