PainReform (NASDAQ:PRFX) stock is rallying on Thursday after the pharmaceutical company regained compliance with Nasdaq listing requirements.
According to the company’s press release, it was sent notice of it regaining compliance on July 18. The company was able to remain on the Nasdaq Exchange by increasing the price of its stock below the $1 minimum.
Ilan Hadar, CEO of PainReform, said the following about the Nasdaq news:
“We are pleased to have regained compliance with the Nasdaq continued listing requirements given the credibility and visibility that our listing provides. At the same time, we have significantly enhanced our balance sheet and are advancing the second part of our Phase 3 trial evaluating the analgesic efficacy and safety of intra-operative administration of PRF-110 following surgery.”
One of PainReform’s main focuses with its development of PRF-110 is reducing opiate use after surgeries. The company is seeking to do so after frequent use of the drug resulted in the opioid epidemic.
What’s Next for PRFX Stock
With the company’s shares having regained listing requirements, investors shouldn’t have to worry about a delisting anytime soon. With that in mind, investors may see the stock as a more stable investment and buy up shares on today’s news.
We’re already seeing a strong amount of trading for PRFX stock today, with some 1.3 million shares on the move. For comparison, the company’s daily average trading volume is about 1 million shares.
PRFX stock is up 37.6% as of Thursday morning.
Investors looking for more of the most recent stock market stories will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
