REYKJAVIK, Iceland, Oct. 6 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced that on September 30, 2008 it received a notice from the Nasdaq Stock Market stating that for 10 consecutive trading days the market value of deCODE's common stock had been below $50 million, the minimum level required for continued listing on The Nasdaq Global Market as set forth in Nasdaq Marketplace Rule 4450(b)(1)(A). The notice further stated that deCODE also does not comply with an alternative test set forth in Nasdaq Marketplace Rule 4450(b)(1)(B), which requires total assets and total revenue of $50 million each for the most recently completed fiscal year or two of the last three most recently completed fiscal years.
In accordance with Nasdaq Marketplace Rule 4450(e)(4), deCODE will be provided a period of 30 calendar days, or until October 30, 2008, to regain compliance. If at any time before October 30, 2008, the market value of deCODE's common stock is $50 million or more for a minimum of 10 consecutive business days, the Nasdaq staff will determine if deCODE complies with Marketplace Rule 4450(b)(1)(A).
If deCODE has not regained compliance by October 30, 2008, the Nasdaq staff will issue a letter notifying deCODE that its common stock will be delisted from The Nasdaq Global Market. At that time, deCODE may appeal the determination to a Nasdaq Listing Qualifications Panel. If deCODE cannot meet the requirements for continued listing on The Nasdaq Global Market, it will consider whether to apply to transfer its common stock to The Nasdaq Capital Market.
deCODE is a biopharmaceutical company applying its discoveries in human
genetics to the development of diagnostics and drugs for common di
|SOURCE deCODE genetics|
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