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Sinovac Biotech Announces Receipt of DelistingDetermination Letter fromNasdaq
BEIJING, November 3, 2017 /PRNewswire/ -- Sinovac Biotech Ltd. (Nasdaq: SVA)(”Sinovac”), a leading provider of biopharmaceutical products in China, announced today thaton November 1, 2017, the Company received a delisting determinationletter from the Staff of the Listing Qualifications Department (the"LQ Staff") of The Nasdaq Stock Market, Inc. ("Nasdaq ") related to the delisting of the Company’s shares.
On May 10, 2017, the LQ Staff notified the Company that it did notcomply with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) (the “Rule”)because it had not filed its annual report on Form 20-F for the year ended December 31, 2016 (the “2016 Annual Report”). The Company submitted a compliance plan on July 10, 2017, and the LQ Staffgranted the Company an exception until October 30, 2017 to regain compliance with the Rule.
The Company has not yet filed the 2016 Annual Report. Accordingly, the LQ Staff has determined to delist the Company’s shares due to the Company’sfailure to comply with the Rule. The delisting determination letter noted that the Company may appeal the LQ Staff's determination. However, if the Company does not appeal this determination, trading of theCompany’s shares will be suspended from The Nasdaq Select Global Market at theopening of business on November 10, 2017, and a Form 25-NSE will be filed with the Securitiesand Exchange Commission, which will remove the Company’s shares fromlisting and registration on The Nasdaq Stock Market.
The Company intends toappeal the LQ Staff’s determination and will request a hearing before the Nasdaq Hearings Panel as set forth in the Nasdaq Listing Rules.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases. Sinovac's product portfolio includes vaccines against enterovirus71, or EV71, hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), and mumps. The EV71 vaccine, an innovative vaccine developed by Sinovac against hand foot and mouth disease caused by EV71, was commercialized in China in 2016. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. The Company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to over 10 countries in Asia and South America. For more information, please visit the Company’s website at www.sinovac.com.
Contact
Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
About SINOVAC
Sinovac Biotech Ltd. (SINOVAC) is a global biopharmaceutical company headquartered in China. Guided by its mission to “Supply Vaccines to Eliminate Human Diseases,” the Company is dedicated to the research, development, manufacturing and supply of vaccines and related biological products, providing vaccine products and related solutions for disease prevention and control worldwide.
SINOVAC has a diversified vaccine portfolio across multiple disease areas, including influenza, viral hepatitis, varicella, hand, foot and mouth disease (HFMD), poliomyelitis, rabies, tetanus, and pneumococcal disease. Three of SINOVAC's vaccines have been prequalified by the World Health Organization: the inactivated hepatitis A vaccine Healive®, the Sabin-strain inactivated poliomyelitis vaccine (sIPV), and the live attenuated varicella vaccine.
SINOVAC has extensive experience in vaccine research, development and commercialization for emerging infectious diseases and public health emergencies. The Company initiated vaccine R&D in response to major public health threats, including SARS, H5N1, H1N1, and COVID-19, and developed the world's first inactivated SARS vaccine (with Phase I clinical trials completed), China's first inactivated pandemic influenza vaccine against H5N1 (Panflu®), the world's first H1N1 influenza vaccine (Panflu.1®), and CoronaVac®, the world's most widely used inactivated COVID-19 vaccine. Beyond its marketed portfolio, SINOVAC continues to advance its R&D pipeline, spanning combination vaccines, recombinant protein vaccines, mRNA technologies, antibody-based products, and other next-generation technologies and product platforms, while expanding its capabilities in disease prevention and biopharmaceuticals.
With a long-standing commitment to innovation and global health, SINOVAC continues to deepen collaboration with research institutions, international organizations, and local partners while expanding its global presence. Through technological collaboration, localized production, and industrial partnerships, the Company aims to improve access to high-quality vaccines across regions, better address local disease prevention and healthcare needs, and strengthen preparedness for future public health challenges.
For more information, please see the Company's website at www.sinovac.com.