Keryx Biopharmaceuticals Receives Nasdaq No...( NEW YORK Nov. 21 /- Keryx Biopharmace...),Health
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Keryx Biopharmaceuticals Receives Nasdaq Notification
Date:11/21/2008
NEW YORK, Nov. 21 /PRNewswire-FirstCall/ -- Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) today announced that on November 17, 2008, it received notice from The Nasdaq Stock Market ("Nasdaq") stating that the Company is no longer in compliance with Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity, or $35,000,000 market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years, for continued listing on The Nasdaq Capital Market.
In the letter, Nasdaq Staff requested that the Company provide, on or before December 2, 2008, a specific plan to achieve and sustain compliance with all of The Nasdaq Capital Market listing requirements, and the time frame required for completion of the plan. The Company is preparing its plan for submission to Nasdaq by the specified date.
If, after the conclusion of the review process, Nasdaq Staff determines that the Company has not presented an adequate plan to address the issues noted, the Nasdaq Staff will provide the Company with written notification that its securities will be delisted. The Company may then appeal the Nasdaq Staff's decision to a Nasdaq Listing Qualifications Panel.
The notification from Nasdaq has no effect at this time on the continued listing of Keryx Biopharmaceuticals' common stock on The Nasdaq Capital Market.
About Keryx Biopharmaceuticals, Inc.
Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important, novel pharmaceutical products for the treatment of life-threatening diseases, including renal disease and cancer. Keryx is developing Zerenex(TM) (ferric citrate), an oral, iron-b
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| SOURCE Keryx Biopharmaceuticals, Inc. Copyright©2008 PR Newswire. All rights reserved |
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