TORONTO, June 3, 2016 /CNW/
- Transition Therapeutics Inc. ("Transition" or the "Company") (NASDAQ: TTHI, TSX: TTH) today announced that it
received written notification from the NASDAQ Stock Market ("NASDAQ") on May 31, 2016 advising the
Company that because the bid price of the Company's common shares for the previous 30 consecutive trading days had closed below the
minimum $1.00 per share (the "Minimum Price Requirement") required for continued listing on the
NASDAQ Global Market, the Company is not in compliance with NASDAQ Listing Rule 5450(a)(1). The notification letter has no effect
on the listing of the Company's common shares at this time.
Pursuant to NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided an initial grace period of 180
calendar days, or until November 28, 2016, to regain compliance with the Minimum Price Requirement, which requires a closing bid
price of the Company's common shares at or above $1.00 per share for a minimum of 10 consecutive business days. In the event the
Company does not regain compliance by November 28, 2016, NASDAQ will provide written notification that the Company's common shares
are subject to delisting. If the Company is not deemed in compliance prior to November 28, 2016, but demonstrates that it meets all
applicable standards for initial listing on the NASDAQ Capital Market (except the bid price requirement) on such date, it will be
afforded an additional 180 calendar day compliance period.
The Company intends to monitor the bid price of its common shares between now and November
28, 2016, and will consider available options to regain compliance with the Minimum Price Requirement.
About Transition
Transition is a biopharmaceutical development company, advancing novel therapeutics for CNS and metabolic disease
indications. The Company's wholly-owned subsidiary, Transition Therapeutics Ireland Limited is developing CNS drug candidate
ELND005 for the treatment of Alzheimer's disease and Down syndrome. Transition's lead metabolic drug candidate is TT401
(LY2944876) for the treatment of type 2 diabetes and accompanying obesity. The Company's shares are listed on the NASDAQ under the
symbol "TTHI" and the Toronto Stock Exchange under the symbol "TTH". For additional information about the Company, please visit
www.transitiontherapeutics.com.
Notice to Readers: Information contained in our press releases should be considered accurate only as of the date
of the release and may be superseded by more recent information we have disclosed in later press releases, filings with the OSC,
SEC or otherwise. Except for historical information, this press release may contain forward-looking statements, relating to
expectations, plans or prospects for Transition, including conducting clinical trials and potential efficacy of its products. These
statements are based upon the current expectations and beliefs of Transition's management and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These
risks and uncertainties include factors beyond Transition's control and the risk factors and other cautionary statements discussed
in Transition's quarterly and annual filings with the Canadian commissions.
SOURCE Transition Therapeutics Inc.
