PainReform (PRFX) Stock Surged 54% on Nasdaq 180-Day Extension

PainReform Ltd (NASDAQ: PRFX) stock price surged 54% after the Nasdaq exchange staff awarded the company a 180-day extension of the deadline to regain compliance with its listing rules that require its share price to trade above $1.00 for 10 consecutive days. 

The clinical-stage speciality pharmaceutical company received the initial non-compliance notice on August 10, 2022, after its stock failed to trade above the minimum listing requirement of $1.00 for 30 consecutive days. The 180-day extension gives the company up to August 7, 2023, to regain compliance with the Nasdaq’s minim bid requirement. 

Investors cheered the announcement, giving PainReform Limited adequate time to regain compliance either through a reverse stock split or a rally in its stock price. Many investors are hoping that today’s move higher will translate into a sustained rally that will see PRFX shares trade above $1.00 for 10 consecutive days. 

PainReform is headquartered in Tel Aviv, Israel, and it specialises in reformulating pain medications to make them last longer and provide more relief to patients. The company’s lead candidate, PRF-110, is based on the local anaesthetic ropivacaine and targets the post-operative pain relief market. 

The company claims that its proprietary extended-release drug-delivery system will provide an extended period of post-surgical pain relief without the patient having to take multiple doses of the drug while reducing the need to use opiates when patients are in excruciating pain. 

However, the company faced significant challenges in scaling up the manufacturing of PRF-110, as reported on August 11, 2022. The firm had implemented several enhancements to its manufacturing process for PRF-110 to improve its efficiency and scalability. 

However, PainReform is yet to issue another update regarding the manufacturing process, which leads us to believe that the issues are yet to be resolved. A quick resolution of the manufacturing issues would significantly boost the company’s stock price. 

Meanwhile, PRFX shares will remain under pressure until the manufacturing issues are resolved, allowing it to start the phase 3 clinical trial of PRF-110.

*This is not investment advice. 

PainReform (PRFX) stock price chart. 

The PainReform (PRFX) stock price surged 54% to trade at $0.77, from Tuesday’s closing price of $0.50.