EDINBURGH – TC BioPharm (Holdings) PLC (NASDAQ:TCBP), a developer of allogeneic gamma-delta T cell therapies for cancer, has publicly refuted a false claim circulating on social media earlier this week regarding its Nasdaq listing status. The unfounded rumor suggested that the biotechnology firm was preparing to delist from the Nasdaq stock exchange and move its trading to another platform.
The company confirmed that the allegations, which mentioned the filing of an 8-K Notice to "Delist," are entirely baseless. TC BioPharm reassured stakeholders that it remains fully compliant with all Nasdaq listing requirements and has no intention of delisting. In response to the incident, the company has expressed its determination to take action against such misleading statements that aim to disrupt market dynamics.
In its commitment to maintaining transparency and investor confidence, TC BioPharm has invited individuals with further inquiries to contact the company directly. This statement is based on a press release issued by the company.
TC BioPharm is recognized as a leader in the field of gamma-delta T cell therapy, with ongoing clinical trials, including a Phase 2b/3 pivotal trial for the treatment of acute myeloid leukemia. The company's innovative CryoTC technology enables the delivery of frozen allogeneic cell products to clinics globally.
The press release also contained forward-looking statements under the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties that could cause actual results to differ materially from those projected. Information on these risks is available in the company's regulatory filings, including its Annual Report on Form 10-K for the year ended December 31, 2023, accessible through the company's Investor Relations website and the SEC website.
TC BioPharm's focus on developing treatments harnessing the innate and adaptive immune properties of gamma-delta T cells positions it at the forefront of cancer immunotherapy research. The company's pioneering work in this area continues to progress through clinical trials, aiming to bring new therapeutic options to patients with acute myeloid leukemia and other indications.
In other recent news, TC BioPharm, a clinical-stage biotechnology company, has announced a series of significant developments. The company has initiated preclinical studies for its therapeutic candidate, TCB 008, aimed at treating the viral infection monkeypox. In partnership with a prominent Infectious Disease Center or University, TC BioPharm seeks to expedite the research process.
Additionally, the company has made progress in its ACHIEVE Phase 2b clinical trial and secured a European patent for its modified gamma delta T cell therapies for treating cancer and viral indications. Financially, TC BioPharm raised $2 million through a direct offering of shares and warrants and secured approximately $3.9 million from the exercise of warrants, with H.C. Wainwright & Co. acting as the exclusive placement agent.
The company also announced compliance with Nasdaq's Minimum Stockholders' Equity Requirement, ensuring its continued listing on the Nasdaq Global Select Market. Furthermore, TC BioPharm implemented a one-for-10 reverse American Depositary Shares (ADS) split, overseen by The Bank of New York Mellon (NYSE:BK).
Lastly, TC BioPharm has expressed its intention to acquire a biotechnology firm specializing in Chimeric Antigen Receptor T-cell therapies for cancer treatment, subject to satisfactory negotiations, adequate financing, and necessary third-party approvals. These are the recent developments at TC BioPharm.
InvestingPro Insights
TC BioPharm's recent statement refuting delisting rumors comes amid significant financial challenges for the company. According to InvestingPro data, TC BioPharm's market capitalization stands at a mere $1.09 million, reflecting the company's struggle in the competitive biotech landscape.
InvestingPro Tips highlight several concerns for investors. The company is "quickly burning through cash" and "may have trouble making interest payments on debt." These factors are particularly relevant given TC BioPharm's focus on developing innovative cancer therapies, which typically require substantial ongoing investment.
The stock's performance has been notably poor, with InvestingPro data showing a staggering 97.3% decline in the one-year price total return as of the most recent data. This aligns with the InvestingPro Tip indicating that the "price has fallen significantly over the last year." The company's financial health is further strained, as evidenced by an adjusted EBITDA of -$16.31 million for the last twelve months.
Despite these challenges, TC BioPharm maintains its Nasdaq listing and continues to progress its clinical trials. The company's commitment to transparency in addressing false rumors is crucial for maintaining investor trust in this difficult period.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for TC BioPharm, providing deeper insights into the company's financial situation and market position.
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