SEATTLE, Sept. 17 /PRNewswire-FirstCall/ - On August 20, 2008 Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) disclosed that it had received a letter from The Nasdaq Stock Market indicating that (i) it did not comply with the requirements for continued listing on The NASDAQ Global Market because it did not meet the maintenance standard in Marketplace Rule 4450(b)(1)(A) that specifies, among other things, that the market value of its common stock be at least $50 million and (ii) in accordance with the Marketplace Rule 4450(e)(4), it had a 30-calendar-day period in which to regain compliance. On September 16, 2008 Oncothyreon received a Staff Determination Letter from The Nasdaq Stock Market indicating that it has not regained compliance.
Oncothyreon intends to request a hearing by a Nasdaq Listing Qualifications Panel to appeal such determination. Oncothyreon expects the hearing to take place within four to eight weeks, and its shares will continue to be listed on The NASDAQ Global Market pending the outcome of the hearing.
On September 2, 2008 Oncothyreon announced its intention to offer
5,100,000 shares of its common stock. The standards for listing on The
NASDAQ Capital Market provide, among other things, that an issuer maintain
stockholders' equity of at least $2.5 million or minimum market value of
securities of at least $35.0 million. If Oncothyreon generates net proceeds
in excess of $5.0 million, Oncothyreon believes that it will meet the
standards for listing on The NASDAQ Capital Market. If Oncothyreon
continues to meet such standards, it may choose at any time prior to the
end of the appeal process to apply to transfer the listing of its common
stock to The NASDAQ Capital Market, which application would be subject to
|SOURCE Oncothyreon Inc.|
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