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AUSTIN, Texas, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular Templates,” or “MTEM” or the “Company”), a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary targeted biologic therapeutics, known as engineered toxin bodies, to create novel therapies with potent and differentiated mechanisms of action for cancer, announced that it has received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on November 25, 2024. The notice indicated that MTEM is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Form 10-Q”), as described more fully in MTEM’s Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC. MTEM has until January 24, 2025 to submit a plan of compliance with respect to the notice. On November 25, 2024, MTEM also receive a notice with respect to its failure to maintain a $1.00 bid price in accordance with the Nasdaq Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) as the closing price of the Company’s common stock as reported by Nasdaq was less than $1.00 for the preceding 30 business days. In accordance with Nasdaq rules, MTEM has been provided a 180-calendar day compliance period, or until May 26, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance with the Minimum Bid Price Requirement, the closing bid price of the common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days during the 180-calendar day compliance period. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii), if the price of the common stock is less than $0.10 during a compliance period, Nasdaq will issue a delisting determination for the common stock. At this time, the Company has not yet determined whether to appeal these notices, submit plans of compliance or to take other action to address these deficiencies. The notices have no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. About Molecular Templates Molecular Templates is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation ADCs. Our drug platform technology, known as Engineered Toxin Bodies (ETBs), leverages the resident biology of a genetically engineered toxin payload to create novel therapies with potent and differentiated mechanisms of action for cancer and various disease indications. Forward-Looking Statements This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Molecular Templates disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future compliance with Nasdaq listing requirements, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Molecular Templates may identify forward-looking statements. Examples of such statements include, but are not limited to, statements regarding any future actions the Company may take regarding the notices received from Nasdaq, the future price of the Company’s common stock and the Company’s ability to maintain the listing of its common stock on Nasdaq or otherwise continue its operations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Continued investment in the Company’s common stock is highly speculative at this point. Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to the following: the effects of the pending potential dissolution of the Company on its stockholders who are not currently expected to receive value for their shares of common stock; the continued availability of financing on commercially reasonable terms; whether Molecular Templates’ cash resources will be sufficient to fund any future operations; the results of MTEM’s clinical studies which may be unable to resume in the near-term; the ability to effectively operate MTEM and retain key employees post-MTEM’s previously announced restructuring and reductions in force; the ability of MTEM to maintain the continued listing of its common stock on Nasdaq; the ability of MTEM to resume its regular and required Exchange Act reporting obligations which the Company is currently unable to do; and those risks identified under the heading “Risk Factors” in Molecular Templates’ filings with the Securities and Exchange Commission, including its most recently filed Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and any subsequently filed reports. Any forward-looking statements contained in this press release speak only as of the date hereof, and Molecular Templates specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise. Contact Michelle Iwamoto-Fan michelle.iwamotofan@mtem.com
Men lose 17 minutes of life with every cigarette they smoke while a woman’s life is cut short by 22 minutes with each cigarette, experts have estimated. This is more than previous estimates, which suggest that each cigarette shortens a smoker’s life by 11 minutes. The new estimates, which suggest that each cigarette leads to 20 minutes loss of live on average across both genders, are based on more up-to-date figures from long-term studies tracking the health of the population. Researchers from University College London said that the harm caused by smoking is “cumulative” and the sooner a person stops smoking, and the more cigarettes they avoid smoking, the longer they live. The new analysis, commissioned by the Department for Health and Social Care, suggests that if a 10-cigarettes-a-day smoker quits on January 1, then by January 8 they could “prevent loss of a full day of life”. By February 20, their lives could be extended by a whole week. And if their quitting is successful until August 5, they will likely live for a whole month longer than if they had continued to smoke. The authors added: “Studies suggest that smokers typically lose about the same number of healthy years as they do total years of life. Make 2025 the year you quit smoking for good. There’s lots of free support available to help you. Find out more 🔽 https://t.co/J0ehnoRM1D pic.twitter.com/LQpUp6HJBm — WHH 🏥 (@WHHNHS) December 27, 2024 “Thus smoking primarily eats into the relatively healthy middle years rather than shortening the period at the end of life, which is often marked by chronic illness or disability. “So a 60-year-old smoker will typically have the health profile of a 70-year-old non-smoker.” The analysis, to be published in the Journal of Addiction, concludes: “We estimate that on average, smokers in Britain who do not quit lose approximately 20 minutes of life expectancy for each cigarette they smoke. “This is time that would likely be spent in relatively good health. “Stopping smoking at every age is beneficial but the sooner smokers get off this escalator of death the longer and healthier they can expect their lives to be.” Dr Sarah Jackson, principal research fellow from the UCL Alcohol and Tobacco Research Group, said: “It is vital that people understand just how harmful smoking is and how much quitting can improve their health and life expectancy. “The evidence suggests people lose, on average, around 20 minutes of life for each cigarette they smoke. “The sooner a person stops smoking, the longer they live. “Quitting at any age substantially improves health and the benefits start almost immediately. “It’s never too late to make a positive change for your health and there are a range of effective products and treatments that can help smokers quit for good.” There are so many reasons to quit smoking this New Year – for your health, for more money, and for your family. Make a fresh quit for 2025 – find tips and support at https://t.co/GyLk65o8kS or https://t.co/iW6WLxTL00 pic.twitter.com/KxPZ5N378y — North Tees and Hartlepool NHS Foundation Trust (@NTeesHpoolNHSFT) December 27, 2024 Health officials have said that smokers can find advice, support and resources with the NHS Quit Smoking app, as well as the online Personal Quit Plan. Public health minister Andrew Gwynne said: “Smoking is an expensive and deadly habit and these findings reveal the shocking reality of this addiction, highlighting how important it is to quit. “The new year offers a perfect chance for smokers to make a new resolution and take that step.” Commenting on the paper, Professor Sanjay Agrawal, special adviser on tobacco at the Royal College of Physicians, said: “Every cigarette smoked costs precious minutes of life, and the cumulative impact is devastating, not only for individuals but also for our healthcare system and economy. “This research is a powerful reminder of the urgent need to address cigarette smoking as the leading preventable cause of death and disease in the UK.”The Reserve Bank of Fiji (RBF) is warning of “downside and upside’ to Fiji’s economy, that includes increased crime rates and illicit drug use. In their November Economic Review, the RBF states risk to the outlook continues to exist on both the downside and upside. “The downside risks include escalating geopolitical tensions, an economic slowdown in major TPEs (trading partner economy), the Trump administration’s trade protectionism policies, the persistent threat from natural disasters, ageing infrastructure, and increased crime rates and illicit drug use,” said the RBF. “However, new flight routes, the slowdown in emigration, productivity gains from imported labour, and advancements in technology can bode well for growth prospects.”’ The RBF states on the domestic front, the economy maintains momentum and is projected to grow by 3.8 percent this year, following the 7.5 percent expansion in 2023. “The projected growth is reflective of the better-than-expected visitor arrivals, increased consumption spending, and improved sectoral performance.... PACNEWS/FIJI TIMES
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