SOUTH SAN FRANCISCO, Calif., Oct. 3 /PRNewswire-FirstCall/ -- Monogram Biosciences, Inc. (Nasdaq: MGRM) today announced that it received a staff deficiency letter from the Nasdaq Stock Market dated October 1, 2008 indicating that, for the previous 30 consecutive business days, the bid price of Monogram's common stock has closed below the minimum $1.00 per share requirement for continued listing under Nasdaq rules.
The letter stated that under Nasdaq rules, Monogram will be provided with 180 calendar days, or until March 30, 2009, to regain compliance with these rules. To regain compliance, the bid price of Monogram's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days, anytime before March 30, 2009. Additional detail regarding the relevant Nasdaq rules as they relate to Monogram's common stock will be included in the Company's filing on Form 8-K dated October 3, 2008.
"We continue to make progress in both our HIV and Oncology programs," said William Young, Monogram chief executive officer. "Our revenues have been at record levels in the first half of this year and we expect revenues to be greater than $60 million for the year, growth of over 40% over 2007. We expect further revenue growth in 2009 both from Trofile(TM), our patient selection assay for the CCR5 antagonist class of HIV drugs, and from HERmark(TM), our recently launched breast cancer assay."
"Our stockholders have previously authorized a reverse split of our
common stock, to be implemented by the board of directors at any time prior
to this year's annual stockholders meeting," added Young. "We continue to
evaluate the appropriate circumstances for implementation of one of the
authorized reverse split ratios."
|SOURCE Monogram Biosciences, Inc.|
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