NEW YORK, Nov. 14, 2012 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (OTCBB:TGTX), an innovative, clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs, today provided investors with an update regarding the Company's qualification for up-listing to The NASDAQ Capital Market ("NASDAQ"). As previously disclosed, the Company submitted an initial listing application with NASDAQ earlier this year. The Company now believes that it satisfies each of the exchange's applicable listing requirements, with the exception of the $2.00 bid price and $50 million market capitalization requirements. In accordance with the NASDAQ Listing Rules and the Company's current shares outstanding, the Company's stock price must close at or above $2.00 per share for 90 consecutive trading days in order for the Company to satisfy the applicable standard. Alternatively, the Company could qualify for listing if its stock price was at least $3.00 per share for at least five consecutive trading days, without regard to its market capitalization. The $2.00 and $3.00 bid price listing standards were adopted by NASDAQ earlier this year and replaced the $4 per share standard for certain companies seeking a listing on The NASDAQ Capital Market.
Michael S. Weiss, the Company's Executive Chairman and Interim Chief Executive Officer, stated, "The up-listing of TGTX to NASDAQ would be a significant milestone for the Company, providing investors with increased liquidity, and generating a higher level of visibility for the Company."
Although the Company believes it will ultimately list on NASDAQ, the Company can provide no assurance that NASDAQ will approve the Company's application for listing.
ABOUT TG THERAPEUTICS, INC.
TG Therapeutics is an innovative, clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs. Currently, the company is developing two advanced therapies targeting hematological malignancies. TG-1101 (ublituximab) is a novel, third generation monoclonal antibody that targets a specific and unique epitope on the CD20 antigen found on mature B-lymphocytes, currently in clinical development for patients with relapsed and refractory non-Hodgkin's lymphoma. TG Therapeutics is also developing TGR-1202, a highly specific, orally available PI3K delta inhibitor. The delta isoform of PI3K is strongly expressed in cells of hematopoietic origin and is believed to be important in the proliferation and survival of B‐lymphocytes. TG Therapeutics is headquartered in New York City.
The TG Therapeutics logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11857
Cautionary Statement
Some of the statements included in this press release, particularly those anticipating future clinical trials and business prospects for TG-1101 and TGR-1202 may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Among the factors that could cause our actual results to differ materially are the following: our ability to successfully and cost-effectively complete pre-clinical and clinical trials for TG-1101 and TGR-1202; the risk that the data (both safety and efficacy) from future clinical trials will not coincide with the data analyses from prior pre-clinical and clinical trials; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.tgtherapeutics.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
TGTX - G