Orphazyme Begins Delisting ADSs From Nasdaq

By Chris Wack

Orphazyme A/S said it has begun to voluntarily delist its American depositary shares representing its ordinary shares from Nasdaq Global Select Market.

The delisting is expected to become effective on March 31, it said.

Following the delisting of its ADSs from Nasdaq Global, the company intends to file a Form 15 with the U.S. Securities and Exchange Commission to suspend its reporting obligations under the Securities Exchange Act of 1934. The company said it expects that the deregistration of the ADSs and the underlying ordinary shares will become effective 90 days after the filing of Form 25 with the SEC.

Orphazyme also said that, after the receipt of a "negative trend vote" by the Committee for Medicinal Products for Human Use, or CHMP, on Feb. 23, the company has decided to withdraw its European marketing authorization application for arimoclomol for the treatment of Niemann-Pick disease Type C ahead of a final vote and opinion by the CHMP on the application scheduled for later this month.

Orphazyme said it is currently under an in-court restructuring and has reduced its workforce by 50% to reduce costs as it seeks to explore whether a basis can be established for all or part of the company's operations to continue, including a sale of all or parts of its assets.

The company said it is continuing to work toward resubmission of its new-drug application for arimoclomol to the U.S. Food and Drug Administration, and plans to request a Type C meeting in the second quarter of 2022.

Orphazyme shares were down 9% to 77 cents a share.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

March 22, 2022 07:47 ET (11:47 GMT)

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