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8-K - CURRENT REPORT - TENAX THERAPEUTICS, INC. | tenx_8k.htm |
Exhibit 99.1
Tenax Therapeutics Regains Compliance with Nasdaq
Minimum Bid Price Requirement
Morrisville, NC, March 14, 2018 - Tenax Therapeutics,
Inc. (Nasdaq:
TENX), a specialty pharmaceutical company focused on providing
products to address conditions with significant unmet medical
needs, today announced that it has regained compliance with the
minimum bid price requirement of $1.00 per share for continued
listing on the Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2) (the “Bid Price
Rule”).
On February 23, 2018, Tenax effected a 1-for-20 reverse stock split
of its outstanding common stock intended to increase the per share
trading price of Tenax’s common stock to satisfy the
requirements of the Bid Price Rule. On March 12, 2018, Tenax
received a letter from the Nasdaq Listing Qualifications Department
stating that because Tenax’s shares of common stock had a
closing bid price at or above $1.00 per share for a minimum of ten
(10) consecutive business days, Tenax had regained compliance with
the Bid Price Rule and the matter is now closed.
About Tenax Therapeutics
Tenax
Therapeutics, Inc., is a specialty pharmaceutical company focused
on licensing, development, and commercialization of drugs that
address conditions with high unmet medical need. The Company has a
world-class scientific team including recognized global experts in
pulmonary hypertension. The Company owns the North American rights
to develop and commercialize levosimendan and expects to start a
Phase 2 clinical trial in the treatment of Pulmonary Hypertension
associated with Heart Failure and preserved Ejection Fraction
(PH-HFpEF) the later part of next quarter. For more information,
visit www.tenaxthera.com.
About Levosimendan
Levosimendan
is a calcium sensitizer that works through a unique triple
mechanism of action. It initially was developed for intravenous use
in hospitalized patients with acutely decompensated heart failure.
It was discovered and developed by Orion Pharma, Orion Corporation
of Espoo Finland, and is currently approved in over 60 countries
for this indication and not available in the United States. Tenax
Therapeutics acquired the North American rights to develop and
commercialize levosimendan from Phyxius Pharma, Inc.
Caution Regarding Forward-Looking Statements
This
news release contains certain forward-looking statements by the
company that involve risks and uncertainties and reflect the
Company’s judgment as of the date of this release. The
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to matters beyond the
Company’s control that could lead to delays in the clinical
study, delays in new product introductions and customer acceptance
of these new products, matters beyond the Company’s control
that could impact the Company’s continued compliance with
Nasdaq listing requirements, and other risks and uncertainties as
described in the Company’s filings with the Securities and
Exchange Commission, including in its annual report on Form 10-K
filed on March 16, 2017, its quarterly report on Form 10-Q filed on
November 9, 2017, and its other filings with the SEC. The Company
disclaims any intent or obligation to update these forward-looking
statements beyond the date of this release. Statements in this
press release regarding management’s future expectations,
beliefs, goals, plans or prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.
Investor Contact
Robert Haag
IRTH Communications
TENX@irthcommunications.com
800-439-1433