Introgen Therapeutics, Inc. (NASDAQ:INGN), a developer of targeted
molecular therapies for cancer, today announced that on July 30, 2008,
it received a letter from The
Nasdaq Stock Market ("Nasdaq”)
indicating that it does not comply with the minimum $50,000,000 market
value of listed securities nor the alternative requirement of a minimum
$50,000,000 in total assets and total revenue required for continued
listing on The Nasdaq Global Market set forth in Marketplace Rules
4450(b)(1)(A) and 4450(b)(1)(B), respectively. This notification has no
effect on the listing of the company's common stock at this time.
In accordance with Nasdaq Marketplace Rules, Introgen will have until
August 29, 2008, to regain compliance with the minimum market value
requirement. During this period, compliance will be regained if the
market value of Introgen’s listed securities
is at least $50,000,000 for a minimum of 10 consecutive business days,
which period may be extended at Nasdaq's discretion. If Introgen has not
demonstrated compliance with the Marketplace Rules by August 29, 2008,
Nasdaq will provide the company with written notice that its securities
will be delisted. At that time, Introgen may appeal Nasdaq’s
determination to delist the company’s common
stock.
Alternatively, the company may apply to transfer its common stock to The
Nasdaq Capital Market. Though no assurance can be made that its shares
will be accepted for listing on that exchange, Introgen believes that it
currently satisfies all the criteria for listing on The Nasdaq Capital
Market. The Company will explore all options available to it to address
the current listing issue.
About Introgen
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on
the discovery, development and commercialization of targeted molecular
therapies for the treatment of cancer and other diseases. Introgen is
developing molecular therapeutics, immunotherapies, vaccines and
nano-particle tumor suppressor therapies to treat a wide range of
cancers using tumor suppressors, cytokines and genes. Introgen maintains
integrated research, development, manufacturing, clinical and regulatory
departments and operates multiple manufacturing facilities including a
commercial scale cGMP manufacturing facility.
