Two Items Of Good News — “Catching Up” Edition…

Here with a quiet moment, I will mention that about ten days ago, the Chagas program’s FDA IND was officially opened (i.e., a rule-driven 30 day waiting period has expired — and so, the FDA will now allow continuing efforts to clear the candidate). So the clock is running. [But to be clear, this is not an FDA approval, nor an “approvable letter” — despite may misleading headlines, to the contrary.]

And, as of Thursday night, the NASDAQ had uplisted “KBIO” — to an OTCQB stock ticker, from a “Pink Sheeter.”

“…The OTCQB is recognized as an Established Public Market by the U.S. Securities and Exchange Commission. The OTCQB trading standards require that companies be current in their regulatory filings, complete an annual verification and management certification, and have a minimum $0.01 bid price.

“Trading on the OTCQB is another incremental step forward in our strategy to improve the financial foundation of KaloBios, enhance liquidity in our stock and continue to build more trust in the investment community,” said Cameron Durrant, MD, chairman and CEO of KaloBios. “Meantime, we will continue to pursue the key corporate goal of uplisting to a national securities exchange.”The OTCQB is recognized as an Established Public Market by the U.S. Securities and Exchange Commission. The OTCQB trading standards require that companies be current in their regulatory filings, complete an annual verification and management certification, and have a minimum $0.01 bid price.

“Trading on the OTCQB is another incremental step forward in our strategy to improve the financial foundation of KaloBios, enhance liquidity in our stock and continue to build more trust in the investment community,” said Cameron Durrant, MD, chairman and CEO of KaloBios. “Meantime, we will continue to pursue the key corporate goal of uplisting to a national securities exchange….”

This (I believe) technically meets the bankruptcy exit financing covenants.

But as you see, above, Dr. Durrant and team have indicated that the company will continue to seek a fully blue-chip NYSE or NASDAQ listing status. The rub there isn’t so much a paperwork issue, as it is a minimum public float metric and a market cap minimum, as well as a trading volume measure. So that could take… years.

Now you know. Have a safe and happy Fourth one and all.

नमस्ते