PALO ALTO, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Telik, Inc. (Nasdaq: TELK) today announced that on September 19, 2008 it received from The Nasdaq Stock Market, or Nasdaq, a deficiency notice letter indicating that for the last 30 consecutive business days the bid price of Telik's common stock has closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Market under Marketplace Rule 4450(a)(5). In accordance with Marketplace Rule 4450(e)(2), Telik has 180 calendar days, or until March 18, 2009, to regain compliance. If at any time before March 18, 2009 the bid price of Telik's common stock closes at $1.00 per share or more for at least ten consecutive business days, Nasdaq will provide written notification that Telik has achieved compliance. Nasdaq may also require Telik to maintain a closing bid price of at least $1.00 per share for a longer period before determining that Telik has achieved compliance. If Telik does not regain compliance by March 18, 2009, Nasdaq would provide written notification that Telik's common stock will be delisted, after which Telik may appeal to the Nasdaq Listing Qualifications Panel.
Telik, Inc. of Palo Alto, CA, is a biopharmaceutical company focused on
discovering, developing and commercializing novel small molecule drugs to
treat serious diseases. The company's most advanced investigational drug
candidates in clinical development are TELINTRA(R), a modified glutathione
analog for the treatment of cytopenias due to myelodysplastic syndrome or
chemotherapy, and TELCYTA(R), a tumor-activated prodrug for the treatment
of advanced ovarian cancer and non-small cell lung cancer. Telik's product
candidates were discovered using its proprietary
|SOURCE Telik, Inc.|
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