SEATTLE, Aug. 20 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) announced today that it received a letter from The Nasdaq Stock Market on August 14, 2008 indicating that Oncothyreon does not comply with the requirements for continued listing on The NASDAQ Global Market because it does not meet the maintenance standard that specifies, among other things, that (i) the market value of Oncothyreon's common stock be at least $50 million as required by Marketplace Rule 4450(b)(1)(A) or (ii) total assets and total revenue be at least $50 million as set forth in Marketplace Rule 4450(b)(1)(B). This notification has no immediate effect on the listing of Oncothyreon's common stock on The NASDAQ Global Market.
Oncothyreon may regain compliance with the minimum market value of listed securities standard if, at anytime prior to September 15, 2008, the market value of Oncothyreon's common stock is at least $50 million in the aggregate, or approximately $2.57 per share, for a minimum of ten consecutive business days (or such longer period of time as may be required by Nasdaq, at its discretion), based upon 19,492,432 shares outstanding as of August 14, 2008.
If Oncothyreon fails to regain compliance with The NASDAQ Global Market listing standards by September 15, 2008, Oncothyreon may appeal Nasdaq's determination to the Nasdaq Listing Qualifications Panel. This appeal process may take several weeks, during which time its common stock would continue to trade on The NASDAQ Global Market.
In addition, Oncothyreon believes that it currently meets the standards
for listing on The NASDAQ Capital Market, which requires, among others
things, stockholders' equity of at least $2.5 million or minimum market
value of listed securities of at least $35 million. 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 Capita
|SOURCE Oncothyreon Inc.|
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