Nasdaq Grants Chemomab Therapeutics 180-Day Extension to Regain Bid Price Compliance

TEL AVIV, Israel, May 08, 2024 – Chemomab Therapeutics Ltd. (Nasdaq: CMMB) has announced that it received formal notification from the Nasdaq Stock Market’s Listing Qualification Department. The notification confirmed that Chemomab has been granted an additional 180-day period, extending until November 4, 2024, to comply with Nasdaq’s minimum bid price requirement of $1.00 per share.

The notification specifies that if Chemomab’s American Depositary Shares (ADSs) reach a closing bid price of at least $1.00 per ADS for a minimum of ten consecutive trading days before November 4, 2024, Nasdaq will issue a written confirmation of compliance, thereby resolving the matter. According to Nasdaq Marketplace Rule 5810(c)(3)(A), Chemomab qualified for this additional 180-day period due to its adherence to other listing requirements, such as the market value of publicly traded shares, aside from the bid price criterion. Additionally, Chemomab has formally indicated its intention to rectify the deficiency, possibly through a reverse stock split if necessary.

This latest Nasdaq notification does not immediately affect the listing or trading of Chemomab’s ADSs, which will continue under the ticker symbol “CMMB” on the Nasdaq Capital Market.

About Chemomab Therapeutics Ltd.

Chemomab Therapeutics is a biotechnology company in the clinical stage, focusing on the development of innovative treatments for fibro-inflammatory diseases that currently have limited treatment options. Central to Chemomab’s approach is the role of the CCL24 protein in driving fibrosis and inflammation. To counteract this, Chemomab has developed CM-101, a monoclonal antibody that neutralizes CCL24.

Clinical and preclinical studies have shown that CM-101 is safe and holds promise in treating several severe and life-threatening fibro-inflammatory conditions. Chemomab has reported positive outcomes from three clinical trials of CM-101. These include a Phase 2a trial targeting liver fibrosis in patients with non-alcoholic steatohepatitis (NASH) and an investigator-led study in patients suffering from severe lung injury. A Phase 2 trial for primary sclerosing cholangitis (PSC) has completed patient enrollment, with results expected by mid-2024.

Moreover, Chemomab’s program for addressing systemic sclerosis with CM-101 is ready to enter Phase 2 and has an open Investigational New Drug (IND) application in the United States.

Chemomab’s progress and focus remain on developing therapies that address the high unmet needs of patients with serious fibro-inflammatory diseases, aiming to offer new and effective treatment options.

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