SAN DIEGO, Sept. 16 /PRNewswire-FirstCall/ -- Hollis-Eden Pharmaceuticals, Inc. (Nasdaq: HEPH), a leader in the development of a new class of small molecule compounds based on endogenous adrenal steroid hormones, today announced that it received a letter from The NASDAQ Stock Market on September 15, 2009.
The letter states that Hollis-Eden is not in compliance with Nasdaq Marketplace Rule 4450(a)(5) (the "Minimum Bid Price Rule") because its common stock had closed below $1.00 per share for 30 consecutive business days. The letter also states that in accordance with Nasdaq Marketplace Rules, Hollis-Eden has 180 days, or until March 15, 2010, to regain compliance with the Minimum Bid Price Rule. This letter has no immediate effect on the NASDAQ listing or trading of Hollis-Eden's common stock.
Hollis-Eden will regain compliance with the Minimum Bid Price Rule if the bid price of its common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days before March 15, 2010. However, if Hollis-Eden does not regain compliance with the Minimum Bid Price Rule by March 15, 2010, the Nasdaq staff will provide Hollis-Eden with a written notification that its common stock is subject to delisting.
Hollis-Eden will monitor the bid price for its common stock and consider available options.
About Hollis-Eden Pharmaceuticals, Inc.
Hollis-Eden Pharmaceuticals, Inc. is developing a new series of small molecule compounds that are metabolites or synthetic analogs of endogenous hormones derived by the adrenal glands from the body's most abundant circulating adrenal steroid. Hollis-Eden's clinical drug development candidates include TRIOLEX(R) (HE3286), a next-generation compound currently in clinical trials for the tre
|SOURCE Hollis-Eden Pharmaceuticals, Inc.|
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