Immune Pharmaceuticals Inc. said it plans to appeal a Nasdaq decision to delist its shares from the stock exchange.
The Englewood Cliffs, N.J.-based biopharmaceutical company's stock could be delisted for failing to regain compliance with the exchange's minimum $1 bid price requirement. Immune stocks were trading at 22.61 cents per share at market close on June 8, 2018.
Immune plans to request a hearing against such a decision, which would temporarily halt the delisting process. At the hearing, Immune will present its plan to evidence compliance with the bid price requirement and request an extension of time within which to do so.
The company said it is also exploring strategic options for its oncology and other noncore assets and is initiating a search for a chairman and additional members for its board.
The addition of new personnel will help provide support, leadership, expertise and experience as Immune Pharmaceuticals works toward building investor confidence in its product pipeline, the company said in a statement.
Earlier this year, Immune Pharmaceuticals decided not to pursue a possible spinoff of its oncology unit Cytovia Inc. after certain criteria for the transaction were not met.
