Navigation Links
Genaera Receives Non-Compliance Notice From NASDAQ
Date:10/21/2008

PLYMOUTH MEETING, Pa., Oct. 21 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced that it has received notification from NASDAQ that the bid price of the Company's common stock has closed below the minimum $1.00 per share requirement under NASDAQ Marketplace Rule 4310(c)(4) for the last 30 consecutive trading days.

NASDAQ also notified the Company that as of October 16, 2008 it has suspended for a three-month period the enforcement of the rules requiring a minimum $1 closing bid price or a minimum market value of publicly held shares. NASDAQ has said that it will not take any action to delist any security for these concerns during the suspension. NASDAQ has stated that, given the current extraordinary market conditions, this suspension will remain in effect through Friday, January 16, 2009 and will be reinstated on Monday, January 19, 2009.

As a result of this suspension, the Company now has until July 20, 2009 to regain compliance with the minimum bid rule. If at any time before July 20, 2009, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will provide written notification that it has achieved compliance with the Rule.

If the Company does not regain compliance with the Rule by July 20, 2009, NASDAQ will determine whether the Company meets The Nasdaq Capital Market initial listing criteria as set forth in Marketplace Rule 4310(c), except for the bid price requirement. If it meets the initial listing criteria, NASDAQ will notify the Company that it has been granted an additional 180 calendar day compliance period.

About Genaera

Genaera Corporation is developing trodusquemine (MSI-1436), for type 2 diabetes and obesity currently in phase 1 clinical testing and has a fully out-licensed partnership with MedImmune, Inc. that is in phase 2 clinical testing in asthma. For further information, please see our Web site at http://www.genaera.com.

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, known and unknown. Forward-looking statements reflect management's current views and are based on certain expectations and assumptions. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "believe," "continue," "develop," "expect," "plan" and "potential" or other words of similar meaning. Genaera's actual results and performance could differ materially from those currently anticipated and expressed in these and other forward-looking statements as a result of a number of risk factors, including, but not limited to the risks and uncertainties discussed in Genaera's filings with the U.S. Securities and Exchange Commission, all of which are available from the Commission in its EDGAR database at http://www.sec.gov as well as other sources. You are encouraged to read these reports. Given the uncertainties affecting development stage pharmaceutical companies, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Genaera does not intend (and it is not obligated) to publicly update, revise or correct these forward-looking statements or the risk factors that may relate thereto.


'/>"/>
SOURCE Genaera Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Genaera Announces Formation of Scientific Advisory Board for Obesity Drug Candidate Trodusquemine (MSI-1436)
2. Genaera Corporation Announces Licensing of Exclusive Rights to Pexiganan, a Novel Anti-Infective Drug Candidate, by Macrochem Corporation
3. Genaera Corporation Receives Audit Opinion Containing Going Concern Explanatory Paragraph
4. Xmark Comments on Genaera Cost-Saving Plan
5. Genaera Corporations 2008 Annual Stockholder Meeting Results
6. Lake Elsinore Family Caregiver Receives Free Power Wheelchair From The SCOOTER Store
7. DaVita Receives Civil Complaint
8. Ranbaxy Receives Tentative Approval to Manufacture and Market Galantamine Tablets on an Exclusive Basis
9. Watson Receives First FDA Approval for Manufacturing Product at Its Goa, India Facility
10. Edwards Lifesciences Receives CE Mark for Edwards SAPIEN Transcatheter Heart Valve
11. PainCare Receives $14.4 Million in Cash From Completed Sale of South Florida Ambulatory Surgery Centers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... DC (PRWEB) , ... February 11, 2016 , ... ... an upcoming Feb. 23 webinar, “Intel’s Direct-to-Employee Benefit Model: A Case Study for ... not-for-profit Catholic health care system that’s partnering with Intel on value-based health benefits ...
(Date:2/11/2016)... ... February 11, 2016 , ... PharmMD CEO ... Garrett will focus on contract negotiations, corporate strategy and healthcare data law. Additional ... best practices in data breaches for the Part D Star Rating improvement and ...
(Date:2/11/2016)... ... 11, 2016 , ... AccuVein Inc. announces the Infusion Nurses ... Practice, to include vascular visualization as a standard practice. AccuVein ( http://www.accuvein.com ), ... market, facilitates adherence to this standard with its easy to use, widely deployed ...
(Date:2/11/2016)... ... February 11, 2016 , ... The annual list showcases the 20 Most ... DataPoint’s team dedication and commitment to the SharePoint ecosystem. A panel of experts ... panel’s goal is to recognize and promote technology entrepreneurship. , The survey was ...
(Date:2/11/2016)... ... February 11, 2016 , ... Hoggan Scientific, ... gauges used in physical therapy, occupational therapy and sports medicine clinics, hospitals, universities ... exercise and therapy, introduces its new microFET Digital Pinch Gauge. , Hoggan ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for ... Company also filed its Quarterly Report on Form 10-Q for ... and Exchange Commission today. --> ... --> --> Net sales for the three ... to $5.4 million from $2.8 million for the three months ...
(Date:2/11/2016)... 11, 2016  Kindred Biosciences, Inc. (NASDAQ: KIN ... the lives of pets, today announced the submission to ... Animal Drug Application (NADA) for Zimeta™ (dipyrone injection, KIND-012).  ... of Zimeta for the control of pyrexia (fever) in ... --> --> The Chemistry, Manufacturing, ...
(Date:2/11/2016)... , Feb. 11, 2016  Governor Andrew M. ... will create 1,400 jobs throughout Western New ... partnership with the SUNY Polytechnic Institute, includes a major ... Building in Buffalo , as well ... manufacturing facility in Dunkirk . The ...
Breaking Medicine Technology: