Allarity Therapeutics Outlines Company’s 2024 Progress and Objectives – Information Global Online

• Current Cash Balance of $20 meg Expected to Provide Runway Into 2026

• Allarity to Pause Use of ATM

• Cap Table Successfully Cleaned Up

• Allarity’s Stenoparib Shows Extended Duration of Phase 2 Clinical Benefit

Boston (July 22, 2024)—Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a Phase 2 clinical-stage caregiver consort sacred to nonindustrial personalized cancer treatments, today outlines the Company’s advancement in 2024 and forthcoming objectives.

Led by New Management Allarity has Materially Strengthened its Finances

The Company’s coverall playing status significantly reinforced as the Company today declared a new, brawny modify equilibrise and pausing of At-The-Market (ATM) offering:                             

• New Strong Cash Balance: Allarity Therapeutics is entertained to foretell that the Company today has a playing runway extending into 2026 at its underway defect evaluate with a modify equilibrise of $20M as of July 19, 2024.

• Pausing the ATM: In distinction with this newborn achieved playing position, Allarity plans to disrupt its machine substance aggregation for the foreseeable future.

This newborn playing status led by a newborn direction that, throughout 2024, has implemented individual key actions to meliorate Allarity’s forthcoming outlook:

• Cleaning Up the Capitalization Table: Consolidated to a azygos collection of ordinary stock, eliminating variable-priced redeemable securities, including both warrants and Series A Preferred Stock.

• Streamlining Operations and Cutting Costs: Enhancing effective efficiency and reaction the outlay base.

• Focusing Resources on Stenoparib: Concentrating every consort efforts on onward stenoparib, a new threefold PARP and Tankyrase inhibitor, the Company’s auspicious clinical asset.

Stenoparib Continues To Show Extended Duration of Clinical Benefit in Phase 2 Trial

Earlier this year, Allarity Therapeutics prefabricated a strategic parader absent from a multi-asset scuttlebutt strategy to qualify and pore solely on stenoparib.

As previously announced, in its Phase 2 clinical effort in advanced, continual ovarian cancer patients, stenoparib continues to exhibit imperishable clinical goodness when presented twice regular as monotherapy, with binary patients remaining on communication more than 30 weeks.

These results provided clinical grounds of construct for stenoparib, suasion Allarity to pore its resources on nonindustrial a follow-on clinical effort to qualify possibleness restrictive hold by the bureau of stenoparib.

Company Receives author Notice

As Allarity unconcealed today in a Form 8-K filing, on July 18, 2024, Allarity conventional a “Wells Notice” from the Staff of the Securities and Exchange Commission (the “SEC”), relating to the previously unconcealed SEC investigation. The author Notice relates to the Company’s disclosures regarding meetings with the United States Food and Drug Administration (the “FDA”) regarding our NDA for Dovitinib or Dovitinib-DRP, which was submitted to the bureau in 2021. Allarity also understands that threesome of its past officers conventional author Notices from the SEC relating to the aforementioned conduct.

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The Company understands that every of the carry relating to the SEC Staff’s author Notice occurred during or preceding to playing assemblage 2022. A author Notice is neither a conventional calculate of evilness nor a test activity that the acquirer has desecrated some law. The author Notice conversant the Company that the SEC Staff has prefabricated a origin activity to propose that the SEC enter an enforcement state against the Company that would assert destined violations of the federal securities laws. The Company is continuing to work with the SEC and maintains that its actions were pertinent and intends to oppose the author Notice process, including submitting a conventional salutation to the SEC.

Proposed Reverse Stock Split Necessary to Maintain NASDAQ Listing

The Company’s commission of directors has place a offering before shareholders for a alter hit split. Allarity has requested hold of the alter hit separate to acquire and uphold deference with NASDAQ requirements. The alter separate is primary to sanctioning deference with this objective. If the Reverse Stock Split is not authorised by the Company’s stockholders, the Company’s ordinary hit haw be delisted from NASDAQ. Maintaining a NASDAQ organisation is pivotal for investor certainty and to reassert liquidity in the Company’s ordinary stock. Put simply, a NASDAQ delisting could modify stockholder’s knowledge to modify the Company’s ordinary stock, effect its hit toll and modify stockholder’s knowledge to acquire or delude when desired. Failure to bonded hold for the alter hit separate haw disadvantage management’s knowledge to fulfil its strategy, to the impairment of shareholders. Additionally, it haw keep strategic initiatives interdependent on the issuance of ordinary stock. It is primary to wager that a alter hit separate consolidates existing shares, protective the Company’s coverall continuance and apiece shareholder’s individual control percentage.

We respectfully letter that you balloting in souvenir of the alter separate proposal.   If you hit already voted, it is not likewise New to modify your balloting should you desire to do so. If you hit some questions or requirement hold voting, gratify call Allarity’s agent solicitor, Sodali & Co, at +1 212 300 2470.

About Allarity Therapeutics
Allarity Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage biopharmaceutical consort sacred to nonindustrial personalized cancer treatments. The Company is convergent on utilization of stenoparib, a new PARP/Tankyrase inhibitor for modern ovarian cancer patients, using its DRP^® consort characteristic for enduring activity in the underway form 2 clinical trial, NCT03878849. Allarity is headquartered in the U.S., with a investigate artefact in Denmark, and is sworn to addressing momentous unmet scrutiny needs in cancer treatment. For more information, meet www.allarity.com.

Follow Allarity on Social Media
LinkedIn: https://www.linkedin.com/company/allaritytx/
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Forward-Looking Statements
This advise promulgation contains “forward-looking statements” within the message of the Private Securities Litigation Reform Act of 1995. Forward-looking statements wage the Company’s underway expectations or forecasts of forthcoming events. The text “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “would” and kindred expressions haw refer forward-looking statements, but the epilepsy of these text does not stingy that a evidence is not forward-looking. These forward-looking statements include, but are not restricted to, the effect of past clinical and effective achievements on forthcoming effort designs and restrictive progress, possibleness advertizement partnerships, thinking and enforcement of registrational aim clinical trials, the expected advancement of stenoparib mass its Phase 2 clinical trial, the possibleness outcomes of underway SEC investigations, the offering and possibleness hold of a alter hit split, and the existence of Nasdaq organisation deference issues or changes. Any forward-looking statements in this advise promulgation are supported on management’s underway expectations of forthcoming events and are person to binary risks and uncertainties that could drive actualised results to dissent materially and adversely from those ordered forward in or tacit by much forward-looking statements. These risks and uncertainties include, but are not restricted to, the risks related with maintaining deference with Nasdaq’s continuing organisation requirements, the trading toll of Allarity’s shares of ordinary hit haw be vaporific and another risks inexplicit in Allarity’s playing including, the venture that the Company is not healthy to improve decent top to hold its underway and expected clinical trials, the venture that primeval results of a clinical think do not needs prognosticate test results and that digit or more of the clinical outcomes haw materially modify mass more broad reviews of the data, and as more enduring accumulation embellish available, the venture that results of a clinical think are person to rendering and added analyses haw be necessary and/or haw vary much results, the acknowledgement of restrictive hold for stenoparib or some of our another therapeutic candidates and consort medicine or, if approved, the flourishing utilization of much products, the venture of halt or retard of some of the underway or designed clinical trials and/or our utilization of our creation candidates, and the venture that the results of previously conducted studies module not be repeated or observed in underway or forthcoming studies involving our therapeutic candidates, and the doable effect of SEC investigations and author Notices, and the existence of Nasdaq delisting. For a communicating of another risks and uncertainties, and another essential factors, some of which could drive our actualised results to dissent from those contained in the forward-looking statements, wager the country entitled “Risk Factors” in our Form S-1 entrance evidence filed on Apr 17, 2024, and our Form 10-K period inform on enter with the Securities and Exchange Commission (the “SEC”), acquirable at the SEC’s website at www.sec.gov, and as substantially as discussions of possibleness risks, uncertainties and another essential factors in the Company’s ensuant filings with the SEC. All aggregation in this advise promulgation is as of the fellow of the release, and the Company undertakes no obligation to update this aggregation unless required by law.

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Company Contact:         
        investorrelations@allarity.com

Media Contact:
        Thomas Pedersen
        Carrotize PR & Communications
        +45 6062 9390
        tsp@carrotize.com

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