Houston-based Bio-Path Holdings Inc. (Nasdaq: BPTH) has avoided being delisted from the Nasdaq Stock Market during a change on its board of directors.
Bio-Path, an oncology-focused biotech firm developing DNA therapeutics for cancer cells, announced that Mark Colonnese resigned as a member of the board of directors and all company committees on Oct. 10, according to an Oct. 15 filing with the U.S. Securities and Exchange Commission. Colonnese's resignation was not due to disagreement with the company on matters relating to Bio-Path's operations, policies or practices, per the filing.
However, Colonnese's resignation meant that Bio-Path was not in compliance with the Nasdaq stock exchange's continued listing requirements because the number of independent directors on the biotech firm's board, audit committee and compensation committee fell below the majority threshold.
To remedy that, Bio-Path appointed Martina Molsbergen, CEO of Malvern, Pennsylvania-based life sciences consultancy C14 Consulting, to its board as an independent director effective Oct. 11, per the filing.
“We are delighted to welcome Martina to our board of directors. Her considerable experience in business development will be invaluable as we seek a variety of partnerships and collaborations in order to advance our DNAbilize platform technology,” Peter Nielsen, president and CEO of Bio-Path Holdings, said in an Oct. 15 press release. “We thank Mark Colonnese for his considerable contributions to the board over the last two years and wish him continued success in his endeavors.”
After closing at $11.15 a share Oct. 15, Bio-Path Holdings' stock was trading down 1.43 percent to around $11 a share around midday Oct. 16, according to Yahoo Finance.
Bio-Path is a clinical- and preclinical-stage oncology company. The company's therapeutics drug candidates are in various stages of the development pipeline — from preclinical development up to Phase 2 clinical trials, according to the company's latest annual report. Products using Bio-Path's drug delivery and antisense technology, DNAbilize, are available for out-licensing or partnering.
In 2016, Bio-Path collaborated with Thomas Jefferson University in Philadelphia to target brain cancer with its DNAbilize technology.
Bio-Path was established in 2007. The company licensed technology and targets from the University of Texas M.D. Anderson Cancer Center, per the annual report. Bio-Path Holdings is headquartered at 4710 Bellaire Blvd.
