Avalon (NASDAQ:AVRX)
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Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced that on
September 24, 2008 it received a Deficiency Notice from The NASDAQ Stock
Market, LLC notifying the Company that it is not in compliance with
NASDAQ Marketplace Rule 4450(a)(5)because the Company’s
common stock failed to close above the minimum bid price of $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), Avalon will have 180
calendar days, or until March 23, 2009, to regain compliance with the
minimum $1.00 share bid price requirement. If at any time before March
23, 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 notify the Company that it has
achieved compliance with NASDAQ’s minimum bid
price requirements. If the Company does not regain compliance with NASDAQ’s
minimum bid price requirements by March 23, 2009, NASDAQ will notify the
Company that its common stock will be delisted from The NASDAQ Global
Market.
In the event the Company receives notice that its common stock is being
delisted from The NASDAQ Global Market, the NASDAQ Marketplace Rules
permit the Company to appeal the delisting to a NASDAQ Listing
Qualifications Panel. Alternatively, NASDAQ may permit the Company to
transfer its common stock to The NASDAQ Capital Market if it satisfies
the requirements for initial inclusion set forth in NASDAQ Marketplace
Rule 4310(c), except for the minimum bid price requirement. If its
application for transfer is approved, the Company would have an
additional 180 calendar days to comply with the minimum bid price
requirement in order to remain on The NASDAQ Capital Market.
About Avalon Pharmaceuticals
Avalon is a biopharmaceutical company focused on the discovery,
development and commercialization of first-in-class cancer therapeutics.
AvalonRx® is the
company’s proprietary platform which is based
on large-scale biomarker identification and monitoring, used to discover
and develop therapeutics for pathways that have historically been
characterized as "undruggable." Avalon is headquartered in Germantown,
MD.
Forward Looking Statements
This announcement may contain forward-looking statements that involve
risks and uncertainties. Such statements are based on certain
assumptions and actual results could differ materially from those
currently anticipated as a result of a number of factors, risks and
uncertainties. The information in this Release should be read in
conjunction with the Risk Factors set forth in our 2007 Annual Report on
Form 10-K and updates contained in subsequent filings we make with the
SEC.