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EDINBURGH - TC BioPharm (Holdings) PLC (NASDAQ: TCBP), a biotechnology firm specializing in gamma-delta T cell therapies, is set to be delisted from the Nasdaq Stock Market after failing to meet the minimum bid price requirement. The company’s securities, currently trading at $1.20 with a market capitalization of just $630,000, will be suspended from trading on Nasdaq starting Monday, March 24, 2025, following a decision by the Nasdaq Hearings Panel.
The panel’s ruling was based on the company’s non-compliance with Nasdaq’s Listing Rule 5550(a)(2), which mandates that listed securities maintain a minimum bid price of $1.00 per share. In response to the delisting, TC BioPharm’s management is actively pursuing an appeal with Nasdaq. InvestingPro data reveals the stock has fallen over 99% in the past year, with particularly concerning metrics showing the company is quickly burning through cash.
Concurrently, TC BioPharm anticipates that its American Depositary Shares will begin trading on the OTC Markets from the opening of trading on the same date, March 24. The transition to the OTC Markets does not exempt the company from its reporting obligations to the Securities and Exchange Commission (SEC) under federal securities laws.
Despite the delisting, TC BioPharm remains dedicated to its research and development efforts in the field of cancer treatment. The company is recognized for its pioneering work in gamma-delta T cell therapies and is conducting clinical trials, including a Phase 2b/3 pivotal trial for the treatment of acute myeloid leukemia, utilizing its proprietary allogeneic CryoTC technology. With an EBITDA of -$14.32 million and weak financial health scores according to InvestingPro analysis, investors should note that 12 additional ProTips are available for deeper insight into the company’s financial situation.
Investors and stakeholders are advised to thoroughly review the company’s press releases and SEC filings, which detail the risks and uncertainties involved, before making any investment decisions. The company’s next earnings report is scheduled for April 2, 2025, which could provide crucial updates on its financial position and strategic direction.
This news is based on a press release statement.
In other recent news, TC BioPharm has announced a strategic shift to a decentralized model, which involves outsourcing certain functions and reducing its workforce by approximately 50%. This move aims to lower operational costs, with expected savings of about $4.2 million annually. The company is transitioning to a Contract Development and Manufacturing Organization (CDMO) model to meet the production demands for upcoming clinical trials. Additionally, TC BioPharm reported progress in its ACHIEVE Phase 2B clinical trial for Acute Myeloid Leukemia (AML), with the first patient in Cohort B successfully receiving the full dosing regimen of its investigational therapy, TCB008. Preliminary safety data indicates the therapy has been well-tolerated, and enrollment for this cohort is expected to complete in the first half of 2025. The company is also advancing its acquisition strategy, focusing on expanding its gamma-delta T-cell therapies platform by pursuing acquisitions in Natural Killer (NK) cell and chimeric antigen receptor (CAR)-related technologies. TC BioPharm has entered into non-binding letters of intent with potential acquisition targets to enhance its treatment platform for autoimmune diseases and solid tumors. CEO Bryan Kobel expressed optimism about these developments, emphasizing the company’s commitment to innovative oncology treatments.
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