EDINBURGH - TC BioPharm (Holdings) PLC (NASDAQ:TCBP), a clinical stage biotechnology company, has announced its compliance with Nasdaq's Minimum Stockholders' Equity Requirement, securing its continued listing on the Nasdaq Global Select Market.
The company, which specializes in developing allogeneic gamma-delta T cell therapies for cancer and other diseases, received a notification on May 24, 2024, from Nasdaq, stating its non-compliance with the equity requirement as of March 31, 2024. A subsequent notice on August 1, 2024, granted TC BioPharm's request to continue its Nasdaq listing, contingent on meeting the equity requirement by August 15, 2024. The company has since confirmed compliance following the successful closure of transactions outlined in a Purchase Agreement.
TC BioPharm's therapeutic approach utilizes gamma-delta T cells, which are a part of the immune system with the ability to distinguish between healthy and diseased tissue. As a leader in the field, TC BioPharm is the first to conduct phase II/pivotal clinical studies in oncology. Currently, the company is running two investigator-initiated clinical trials, including a Phase 2b/3 pivotal trial for acute myeloid leukemia using its proprietary CryoTC technology, which allows for the distribution of a frozen product globally.
The press release contains forward-looking statements, cautioning that actual results may differ materially from those projected due to various risks and uncertainties. These statements are not guarantees but are subject to factors that could influence the company's financial and operational performance.
The recent developments are crucial for TC BioPharm, ensuring its ability to maintain its listing on a major stock exchange, which is often a key indicator of a company's stability and adherence to financial standards. This news is based on a press release statement by TC BioPharm.
In other recent news, TC BioPharm, a clinical-stage biotechnology company, has raised $2 million through a direct offering of shares and warrants. The funds are intended to advance the company's clinical trial for relapse/refractory Acute Myeloid Leukemia (AML) and cover general corporate expenses. The company has also secured approximately $3.9 million from the exercise of warrants, with H.C. Wainwright & Co. acting as the exclusive placement agent for the offering.
TC BioPharm has also announced an adjustment in the ratio of its American Depositary Shares (ADSs) to ordinary shares, effectively a one-for-10 reverse ADS split, set to become effective in August 2024. The Bank of New York Mellon (NYSE:BK) will oversee the exchange process.
In a strategic move to expand its range of cancer therapies, TC BioPharm has expressed its intention to acquire a biotechnology firm specializing in Chimeric Antigen Receptor T-cell (CAR-T) therapies for cancer treatment, subject to satisfactory negotiations, adequate financing, and necessary third-party approvals. These are among the recent developments at TC BioPharm.
InvestingPro Insights
As TC BioPharm (Holdings) PLC (NASDAQ:TCBP) navigates the biotechnology landscape, recent data from InvestingPro provides a mixed outlook on the company's financial health. With a market capitalization of $1.65 million, TC BioPharm's valuation reflects the challenges typical of clinical-stage companies in the biotech sector. The company's price-to-book ratio, as of the last twelve months ending Q1 2024, stands at 1.22, suggesting that the market values the company near its book value, which can be a sign of investor skepticism about future growth prospects.
TC BioPharm's stock performance has seen significant volatility. According to InvestingPro, the price total return over the last month has plummeted by 59.34%, and the trend continues with a 70.27% drop over the last three months. This downward trend is also evident in the 96.9% decline over the past year, indicating a period of sustained pressure on the stock price.
An InvestingPro Tip highlights that the stock is currently in oversold territory according to the Relative Strength Index (RSI), which might interest contrarian investors looking for potential rebounds. However, another concerning InvestingPro Tip points out that the company is quickly burning through cash, which is a critical factor for investors to consider, given that cash burn rates can impact a company's ability to fund ongoing research and development.
For those seeking a deeper analysis, InvestingPro offers additional tips on TC BioPharm, providing valuable insights into the company's financial metrics and stock performance trends. Interested readers can find a comprehensive list of these tips, which can guide investment decisions, at https://www.investing.com/pro/TCBP.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.