Biostax Corp Commences Delisting from OTC Pink and SEC Process
Biostax Corp's Strategic Delisting Decision
Biostax Corp (NASDAQ: BIOX), a biopharmaceutical company dedicated to advancing immune restoration therapies, has made a pivotal announcement regarding its future in the market. The company recently declared that its Board of Directors has approved a voluntary delisting of its common stock from the OTC Pink marketplace, reflecting the preferences of its shareholders, with a considerable 76.4% in favor.
Understanding the Delisting Process
The voluntary delisting is set to be initiated with the filing of a Form 25 with the Securities and Exchange Commission (SEC). This filing is expected to occur soon, with the delisting anticipated to take effect approximately ten days following this action. Biostax intends to file a Form 15 concurrently to deregister its common stock under the Securities Exchange Act of 1934.
The Company's Future Vision
Noreen Griffin, the Chief Executive Officer of Biostax, emphasized the strategic nature of this decision, stating, "We believe our current public market valuation does not adequately reflect our achievements and future potential. This delisting will allow us to operate as a private entity, granting us the flexibility needed to focus on our diversified drug candidates and lessening the burdens of being publicly listed."
Robust Pipeline and Commitment to Innovation
Central to Biostax's mission is its commitment to developing therapies that address various healthcare challenges without compromising immune integrity. The company is advancing several promising candidates within its pipeline:
Key Developments in Pipeline
One of the standout candidates is JKB-122, which has recently received FDA authorization. This therapy is designed to tackle autoimmune hepatitis in newly diagnosed patients and is progressing through Phase 2 clinical trials for both NASH (non-alcoholic steatohepatitis) and NAFLD (non-alcoholic fatty liver disease). Moreover, there are plans for an Investigational New Drug (IND) filing to evaluate JKB-122 as an adjunct therapy in HIV treatment, focusing on enhancing immune activation and reducing chronic inflammation in patients who have not responded well to existing therapies.
Communication Commitment to Stakeholders
Even with the impending delisting, Biostax is committed to transparency and continuous communication with its stakeholders. The company assures its shareholders that significant updates regarding its developments will be shared promptly as they unfold, reinforcing its dedication to maintaining a strong relationship with its investors.
About Biostax Corp
Biostax is on a mission to deliver affordable, sustainable healthcare solutions. The company specializes in immune restoration and inflammation reduction, aiming to target critical factors contributing to various diseases. Its approach has shown promising results in preclinical models, showcasing anti-fibrotic, immuno-modulating, and anti-inflammatory activities.
The company focuses on achieving disease remission by restoring the immune balance in patients afflicted with autoimmune, inflammatory, and infectious diseases, all while ensuring that their immune response remains intact. For further inquiries, stakeholders may contact Noreen M. Griffin, the Chief Executive Officer at Biostax Corp.
Frequently Asked Questions
What led to Biostax Corp's decision to delist?
The decision was influenced by substantial shareholder support and the belief that remaining private would support their growth strategy.
When will the delisting be effective?
The delisting is expected to be effective about ten days after filing the Form 25 with the SEC.
What are the main benefits of the delisting for Biostax?
Delisting will allow greater flexibility to focus on developing their drug candidates while reducing administrative costs associated with public listing.
What is JKB-122 and its significance?
JKB-122 is a lead therapeutic candidate that has received FDA authorization to enter clinical trials, targeting conditions such as autoimmune hepatitis and NASH.
Who can shareholders contact for more information?
Shareholders may reach out to Noreen M. Griffin, the CEO of Biostax, for additional insights or queries regarding the company's direction.
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