This announcement comes as part of Onconetix's commitment to maintaining transparency with its investors and compliance with market regulations. The company has not provided further details on the reasons for the delay in filing its quarterly report. InvestingPro subscribers have access to 16 additional key insights about Onconetix, including detailed analysis of its cash burn rate and debt obligations, which could provide crucial context for investors monitoring this situation. InvestingPro subscribers have access to 16 additional key insights about Onconetix, including detailed analysis of its cash burn rate and debt obligations, which could provide crucial context for investors monitoring this situation.
The company addressed this issue by submitting the required Form 10-Q on December 10, 2024, to the Securities and Exchange Commission. Onconetix's filing was disclosed in accordance with Nasdaq Listing Rule 5810(b), which mandates the prompt disclosure of the receipt of a deficiency notification. The filing comes at a challenging time for the company, which has seen its stock price decline by over 90% year-to-date and currently trades at $0.47.
Onconetix is engaged in the research, development, and commercialization of solutions for men’s health and oncology. The company recently expanded its portfolio through the acquisition of Proteomedix, gaining Proclarix, a prostate cancer diagnostic test approved for sale in the European Union. In addition, Onconetix owns ENTADFI, a once-daily pill combining finasteride and tadalafil approved by the FDA for the treatment of benign prostatic hyperplasia (BPH).
This announcement comes as part of Onconetix's commitment to maintaining transparency with its investors and compliance with market regulations. The company has not provided further details on the reasons for the delay in filing its quarterly report.
The information contained in this article is based on a press release statement from Onconetix, Inc.
In other recent news, Onconetix, Inc., a pharmaceutical company, has been active with various financial and corporate developments. The company has made significant changes to its forbearance agreement with Veru (NASDAQ:VERU) Inc., modifying the payment terms to provide Onconetix with additional financial flexibility. This amendment allows Onconetix to delay payment due in October 2024 until it secures at least $97,000 from its equity line of credit with Keystone Capital Partners (WA:CPAP) LLC.
Furthermore, Onconetix has recently completed a private placement, raising approximately $2 million for working capital and general corporate purposes. This move sets the stage for potential sales of up to $25 million in common stock with an institutional investor.
Additionally, the company has announced a change in its independent registered public accounting firm, following the resignation of EisnerAmper LLP. To address compliance challenges with Nasdaq's listing standards, Onconetix has also implemented a reverse stock split and issued additional equity.
Moreover, Onconetix has deferred payments on a $15 million debt to Veru Inc., as per an amended agreement. Lastly, changes in the executive team have seen the departure of former CFO Bruce Harmon and the appointment of Karina M. Fedasz as the interim CFO. These are the recent developments in the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.