ROCKVILLE, Md., Oct. 2 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today announced that it has received approval from the Nasdaq Listing Qualifications Department to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer will become effective as of the opening of the market on Friday, October 3, 2008.
The Nasdaq Global Select Market, the Nasdaq Global Market, and the Nasdaq Capital Market are the three market tier designations for companies listed on the Nasdaq. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market. EntreMed's trading symbol will remain "ENMD" and trading of the Company's stock will be unaffected by this change. Securities listed on the Nasdaq Capital Market must meet certain financial requirements and adhere to Nasdaq's corporate governance standards.
The Company's decision to transfer to the Nasdaq Capital Market is in response to a letter dated April 4, 2008 from the Nasdaq Stock Market, LLC notifying the Company that its common stock failed to close above the minimum closing bid price of $1.00 per share for 30 consecutive business days, which is required for listing on the Nasdaq Global Market. Transfer to the Nasdaq Capital Market extends the requirement to achieve a minimum $1.00 bid price until March 30, 2009.
James S. Burns, President and Chief Executive Officer, commented, "We
have sufficient capital to advance our
|SOURCE EntreMed, Inc.|
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