The NASDAQ Staff Determination letter states that historically, Panels have generally viewed a reverse stock split implemented within 30 to 60 days as the only definitive plan acceptable to resolve a bid price deficiency, but that recently the authority of Panels to grant additional time to companies was modified so that a Panel could allow up to 180 calendar days from the date of the Staff Determination letter, if the Panel deems it appropriate. The letter notes that the company may wish to consider presenting a plan that includes a discussion of the events that it believes will enable it to regain compliance in this time frame and a commitment to effect a reverse stock split, if necessary. However, there can be no assurance that the Panel will grant Peregrine's request for continued listing on the NASDAQ Capital Market.
As announced on July 25, 2007, Peregrine received a letter from NASDAQ advising that the bid price of the company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the NASDAQ Capital Market as set forth in NASDAQ Marketplace Rule 4310(c)(4) for the previous 30 consecutive business days. In accordance with NASDAQ Marketplace Rule 4310(c)(4), the company was provided 180 calendar days and granted an additional 180-day-extension period, or until July 21, 2008, to regain compliance with the minimum bid price requirement.
About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a
portfolio of innovative product candidates in clinical trials for the
treatment of cancer and hepatitis C virus (HCV) infection. The company is
pursuing three separate clinical programs in cancer and HCV infection with
its lead product candidates bavituximab and Cotara(R). Peregrine also has
in-house manufacturing capabilities through its wholly owned subsidiary
Avid Bioservices, Inc.
|SOURCE Peregrine Pharmaceuticals, Inc.|
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