Bio-Path Holdings to be delisted from Nasdaq

Bio-Path Holdings (NASDAQ:BPTH), Inc., a pharmaceutical company with a market capitalization of just $2.73 million, is set to be delisted from the Nasdaq Capital Market, with trading of its common stock to be suspended starting Wednesday. According to InvestingPro data, the company’s weak financial health score of 1.33 reflects its challenging position.

The Nasdaq Hearings Panel made the decision after the company failed to meet the minimum stockholders’ equity requirement. Despite being granted an extension until January 31, 2025, to demonstrate compliance, Bio-Path Holdings was unable to meet the Nasdaq Listing Rule 5550(b)(1), which mandates maintaining a minimum stockholders’ equity of $2.5 million.

The company, which had its common stock trading under the ticker "BPTH," received the delisting notification on Monday and will not appeal the decision. The stock, currently trading at $0.63, has experienced a dramatic 92.69% decline over the past year and trades near its 52-week low of $0.59. InvestingPro analysis reveals 12 additional key insights about the company’s performance and outlook. Following the suspension, the company’s stock is expected to start trading on the OTC Markets system under the same symbol, "BPTH," from the suspension date.

Bio-Path Holdings, headquartered in Bellaire, Texas, was previously granted an extension to satisfy the listing rule but did not regain compliance by the deadline. Despite holding more cash than debt on its balance sheet, the company’s current ratio of 0.86 indicates its short-term obligations exceed liquid assets. The Nasdaq will file a Form 25 Notification of Delisting with the Securities and Exchange Commission after the appeal periods lapse, finalizing the delisting process.

Investors should note that the shift to the OTC Markets system typically involves less stringent listing requirements compared to major exchanges like the Nasdaq. The move to the OTC is anticipated to take place immediately after the Nasdaq trading suspension.

This development follows a series of company name changes and reorganizations, with Bio-Path Holdings formerly known as Ogden Golf Co Corp before its name change in 2001, and later as Bio-Path Holdings Inc in 2008. The information provided in this article is based on a press release statement.

In other recent news, Bio-Path Holdings, a biotech firm, has been making significant strides in its clinical trials and patent portfolio. Notably, the company has expanded its intellectual property with new patents issued in the United States and New Zealand, bolstering its STAT3 program and liposomal formulation. Concurrently, Bio-Path has reported encouraging results from its Phase 1/1b trial of BP1001-A for solid tumors and Phase 2 study of prexigebersen for Acute Myeloid Leukemia (AML).

In addition to its cancer treatments, Bio-Path has also outlined its 2025 clinical development and operations, which include a Phase 2 trial in AML and treatments for obesity in Type 2 Diabetes patients. The company has also announced promising results from preclinical studies suggesting BP1001-A could be a potential treatment for obesity and related metabolic disorders in Type 2 diabetes patients.

While these developments show promise, Bio-Path Holdings has received a notice from the Nasdaq Stock Market indicating potential delisting due to its stock price not meeting the minimum bid price requirement. However, the company has until June 2025 to regain compliance. These updates are part of the recent developments at Bio-Path Holdings, providing a glimpse into the company’s ongoing efforts to advance its clinical programs and provide new treatment options.

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