TORONTO,
June 3, 2016 /CNW/
- Transition Therapeutics Inc. ("Transition" or the
"Company") (NASDAQ: TTHI, TSX: TTH) today announced that it
received written notification from the NASDAQ Stock Market
("NASDAQ") on May 31, 2016 advising
the Company that because the bid price of the Company's common
shares for the previous 30 consecutive trading days had closed
below the minimum $1.00 per share
(the "Minimum Price Requirement") required for continued listing on
the NASDAQ Global Market, the Company is not in compliance with
NASDAQ Listing Rule 5450(a)(1). The notification letter has no
effect on the listing of the Company's common shares at this
time.
Pursuant to NASDAQ Listing Rule 5810(c)(3)(A),
the Company has been provided an initial grace period of 180
calendar days, or until November 28, 2016, to regain compliance
with the Minimum Price Requirement, which requires a closing bid
price of the Company's common shares at or above $1.00 per share
for a minimum of 10 consecutive business days. In the event the
Company does not regain compliance by November 28, 2016, NASDAQ
will provide written notification that the Company's common shares
are subject to delisting. If the Company is not deemed in
compliance prior to November 28, 2016, but demonstrates that it
meets all applicable standards for initial listing on the NASDAQ
Capital Market (except the bid price requirement) on such date, it
will be afforded an additional 180 calendar day compliance
period.
The Company intends to monitor the bid price of
its common shares between now and November
28, 2016, and will consider available options to regain
compliance with the Minimum Price Requirement.
About Transition
Transition is a biopharmaceutical development
company, advancing novel therapeutics for CNS and metabolic disease
indications. The Company's wholly-owned subsidiary, Transition
Therapeutics Ireland Limited is developing CNS drug candidate
ELND005 for the treatment of Alzheimer's disease and Down
syndrome. Transition's lead metabolic drug candidate is TT401
(LY2944876) for the treatment of type 2 diabetes and accompanying
obesity. The Company's shares are listed on the NASDAQ under the
symbol "TTHI" and the Toronto Stock Exchange under the symbol
"TTH". For additional information about the Company, please visit
www.transitiontherapeutics.com.
Notice to Readers: Information contained in our
press releases should be considered accurate only as of the date of
the release and may be superseded by more recent information we
have disclosed in later press releases, filings with the OSC, SEC
or otherwise. Except for historical information, this press release
may contain forward-looking statements, relating to expectations,
plans or prospects for Transition, including conducting clinical
trials and potential efficacy of its products. These statements are
based upon the current expectations and beliefs of Transition's
management and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. These risks and
uncertainties include factors beyond Transition's control and the
risk factors and other cautionary statements discussed in
Transition's quarterly and annual filings with the Canadian
commissions.
SOURCE Transition Therapeutics Inc.