EMERYVILLE, Calif., Sept. 28 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc., today announced that it received a staff determination letter on September 28, 2007 from the Listing Qualifications Department of The NASDAQ Stock Market indicating that the Company fails to comply with the market value of listed securities requirement for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Marketplace Rule 4310(c)(3)(B) and therefore that its securities are subject to potential delisting from the NASDAQ Capital Market. The Company has requested a hearing to appeal the Staff Determination. Delisting actions have been stayed pending the completion of the appeal, which is expected to be heard in 3 to 6 weeks. There can be no assurance that the hearing panel will grant the Company's request for continued listing.
The Company anticipates that it will regain compliance with this listing requirement if it is able to complete its planned public offering of up to $65 million of common stock, pursuant to a registration statement on Form S-1 filed with the SEC on August 13, 2007. This offering is expected to close in October 2007.
About Neurobiological Technologies, Inc.
NTI is a specialty biopharmaceutical company with expertise in identifying and acquiring promising drug candidates and in designing and managing late-stage clinical trials for central nervous system conditions. The company is currently developing Viprinex (ancrod), a novel reperfusion agent that is in pivotal Phase 3 trials for the treatment of acute ischemic stroke.
A registration statement relating to NTI's common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the preliminary prospectus relating to these securities may be obtained from Merriman Curhan Ford & Co. by calling 415-248-5600.
|SOURCE Neurobiological Technologies, Inc.|
Copyright©2007 PR Newswire.
All rights reserved