Avalon Pharmaceuticals Receives Nasdaq Deficiency Notice
September 26 2008 - 4:16PM
Business Wire
Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced that on
September 24, 2008 it received a Deficiency Notice from The NASDAQ
Stock Market, LLC notifying the Company that it is not in
compliance with NASDAQ Marketplace Rule 4450(a)(5)because the
Company�s common stock failed to close above the minimum bid price
of $1.00 per share for 30 consecutive business days. This
notification has no immediate effect on the NASDAQ listing or
trading of the Company�s common stock. In accordance with
Marketplace Rule 4450(e)(2), Avalon will have 180 calendar days, or
until March 23, 2009, to regain compliance with the minimum $1.00
share bid price requirement. If at any time before March 23, 2009,
the bid price of the Company�s common stock closes at $1.00 per
share or more for a minimum of 10 consecutive business days, NASDAQ
will notify the Company that it has achieved compliance with
NASDAQ�s minimum bid price requirements. If the Company does not
regain compliance with NASDAQ�s minimum bid price requirements by
March 23, 2009, NASDAQ will notify the Company that its common
stock will be delisted from The NASDAQ Global Market. In the event
the Company receives notice that its common stock is being delisted
from The NASDAQ Global Market, the NASDAQ Marketplace Rules permit
the Company to appeal the delisting to a NASDAQ Listing
Qualifications Panel. Alternatively, NASDAQ may permit the Company
to transfer its common stock to The NASDAQ Capital Market if it
satisfies the requirements for initial inclusion set forth in
NASDAQ Marketplace Rule 4310(c), except for the minimum bid price
requirement. If its application for transfer is approved, the
Company would have an additional 180 calendar days to comply with
the minimum bid price requirement in order to remain on The NASDAQ
Capital Market. About Avalon Pharmaceuticals Avalon is a
biopharmaceutical company focused on the discovery, development and
commercialization of first-in-class cancer therapeutics. AvalonRx�
is the company�s proprietary platform�which is based
on�large-scale�biomarker identification and monitoring, used to
discover and develop therapeutics for pathways that have
historically been characterized as "undruggable." Avalon is
headquartered in Germantown, MD. Forward Looking Statements This
announcement may contain forward-looking statements that involve
risks and uncertainties. Such statements are based on certain
assumptions and actual results could differ materially from those
currently anticipated as a result of a number of factors, risks and
uncertainties. The information in this Release should be read in
conjunction with the Risk Factors set forth in our 2007 Annual
Report on Form 10-K and updates contained in subsequent filings we
make with the SEC.
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