LA JOLLA, Calif., Aug. 26 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that it received a deficiency notice from The NASDAQ Stock Market on August 21, 2008.
The notice, in accordance with NASDAQ Marketplace Rule 4450(a)(5) "Minimum Bid Price Requirement," states that the company's common stock has closed below $1.00 per share for 30 consecutive business days. This notification has no immediate effect on the NASDAQ listing or trading of the company's common stock.
In accordance with Marketplace Rule 4450(e)(2), TorreyPines Therapeutics has 180 days to comply with the minimum $1.00 per share bid price requirement. The company's common stock must meet or exceed the $1.00 share price for 10 consecutive business days before February 17, 2009. TorreyPines Therapeutics intends to monitor the bid price for its common stock and consider available options that could enable the company to regain compliance with the NASDAQ listing requirement.
About TorreyPines Therapeutics
TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed
to providing patients with better alternatives to existing therapies
through the research, development and commercialization of small molecule
compounds. The company's goal is to develop versatile product candidates,
each capable of treating a number of acute and chronic diseases and
disorders such as migraine, chronic pain, muscle spasticity and rigidity,
xerostomia and cognitive disorders. The company is currently developing
four product candidates: two ionotropic glutamate receptor antagonists and
two muscarinic receptor agonists. Further information is available at
|SOURCE TorreyPines Therapeutics, Inc.|
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