NEW YORK, April 25 /PRNewswire-FirstCall/ -- Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) announced today that it has received notice from The NASDAQ Stock Market ("Nasdaq") stating that the Company is not in compliance with the $1.00 minimum bid price requirement for continued inclusion on the Nasdaq Global Market pursuant to Marketplace Rule 4450 (a)(5). This notification, which was received in a letter dated April 22, 2008, is a standard communication when the bid price of a Nasdaq-listed company closes below the minimum $1.00 per share requirement for 30 consecutive business days. The letter states that, in accordance with Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days to regain compliance by having the bid price of its common stock close at $1.00 per share or more for a minimum of 10 consecutive business days. The letter has no immediate effect on the listing of the Company's common stock at this time.
The Company plans to apply to transfer its listing to the Nasdaq Capital Market. If the Company's application to transfer its listing to the Nasdaq Capital Market is approved and the listing is transferred, the Company will be subject to the continued listing requirements of the Nasdaq Capital Market after such transfer, and no longer subject to the continued listing requirements of the Nasdaq Global Market. The Company's common stock will continue to trade on the Nasdaq Global Market until the transfer application has been reviewed and approved.
The Company currently meets the requirements for listing on the Nasdaq
Capital Market, with the exception of the $1.00 minimum closing bid price
requirement, although the Company cannot provide assurance that in the
future it will continue to meet th
|SOURCE Keryx Biopharmaceuticals, Inc.|
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