Avalon Pharmaceuticals Receives NASDAQ Deficiency Notice
November 25 2008 - 2:18PM
Business Wire
Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced that on
November 20, 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)(3) because the
Company�s stockholders� equity, as reported in the Company�s
Quarterly Report on Form 10-Q for the period ended September 30,
2008, did not meet the minimum of $10 million required for
continued listing on The NASDAQ Global Market. This notification
has no immediate effect on the NASDAQ listing or trading of the
Company�s common stock. The NASDAQ staff is reviewing the Company�s
eligibility for continued listing on The NASDAQ Global Market and
has asked the Company to provide a specific plan to achieve and
sustain compliance with all of the NASDAQ Global Market listing
requirements, including a time frame for completion of the plan.
The Company is in the process of preparing a response to NASDAQ�s
request for a plan. 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
inclusion on that market. About Avalon Pharmaceuticals Avalon is a
biopharmaceutical company focused on the discovery, development and
commercialization of first-in-class cancer therapeutics. 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 Avalon makes with the SEC.
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