Wanchun Pharmaceutical: Received a warning from NASDAQ for delisting

On November 23, 2022, Wanchun Pharmaceutical announced that it had received a written delisting warning from NASDAQ on November 18, as its share price fell below the minimum requirement
of US$1 per share for 30 consecutive trading days.

Wanchun Pharmaceutical will not be delisted immediately, but has a compliance period of 180 days, that is, before May 17, 2023, as long as the closing price exceeds US$1 per share for at least ten consecutive days, NASDAQ can withdraw the delisting request
.

On December 1, 2021, Wanchun Pharmaceutical announced that the marketing application for the treatment of chemotherapy-induced neutropenia (CIN) by plinabulin received a full response letter (CRL) from the FDA and was rejected for approval
.

The FDA considered that a Phase III registration trial would not adequately demonstrate therapeutic benefit and requested a second registration to obtain sufficient evidence to support approval for the CIN indication
.

Since then, Wanchun Pharmaceutical's share price has fallen all the way from more than $10 to $0.
6 now, leaving a market value of only $23.
5 million.

In June this year, Conrad Biotech also received a delisting warning from NASDAQ, and Conrad's current share price is $0.
735, with a market capitalization of $40.
4 million.

In August last year, Hengrui Pharmaceutical and Wanchun Pharmaceutical reached a cooperation agreement to subscribe for 100 million yuan of Wanchunbulin's shares, and at the same time obtain the equity of Plinabulin in the Greater China region, and Hengrui Pharmaceutical paid the down payment plus the milestone amount, the total amount not exceeding 1.
3 billion yuan
.

The structure of Phenylahistin, a natural product isolated from Plinabulin in Pyrobacterium marine, was summarized, and the obtained diketopiperazine tubulin inhibitors
were optimized.
In addition to CIN, Plinabulin is also exploring clinical studies
for multiple cancer indications such as NSCLC.