PRINCETON, N.J., Nov. 7, 2008 (GLOBE NEWSWIRE) -- Pharmacopeia (Nasdaq:PCOP) today announced that it intends to request a hearing before a NASDAQ Listing Qualifications Panel ("Panel") to present a plan to regain compliance with NASDAQ Marketplace Rule 4450(b)(1)(A), which requires a minimum market value of listed securities of $50 million. On November 4, 2008, as expected, Pharmacopeia received a notice of non-compliance from the NASDAQ Staff indicating that the Company had not regained compliance with this rule and that the Company's common stock was subject to delisting unless the Company requests a hearing before a Panel. Pharmacopeia intends to request a hearing, which will automatically stay the delisting of the Company's common stock pending the issuance of the Panel's decision after the hearing. The Company plans to exercise diligent efforts to maintain the listing of its common stock on NASDAQ, but there is no assurance that it will be successful in doing so.
As previously reported, the Company was notified by the NASDAQ Staff on September 30, 2008 that its market value of listed securities had been below the minimum $50 million requirement for 10 consecutive trading days. Under these circumstances, and in accordance with NASDAQ Marketplace Rule 4450(e)(4), the Company was provided 30 calendar days, or until October 30, 2008, to regain compliance.
On September 24, 2008, Pharmacopeia entered into a definitive merger agreement with Ligand Pharmaceuticals Incorporated (Ligand), under which Ligand will acquire Pharmacopeia. This transaction is expected to close by the first quarter of 2009 and is subject to the approval of Pharmacopeia stockholders and antitrust regulatory clearance, as well as other customary closing conditions.
Additional Information and Where to Find It
On October 20, 2008 Ligand filed with the Securities and Exchange Commission (SEC) a registration statement on Form S-4, which included a proxy statement of Pharmacopeia and other relevant materials in connection with the proposed transaction. The proxy statement, once finalized, will be mailed to the stockholders of Pharmacopeia. Investors and security holders of Pharmacopeia are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about Ligand, Pharmacopeia and the proposed transaction. The proxy statement and other relevant materials (when they become available), and any other documents filed by Ligand or Pharmacopeia with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Ligand by going to Ligand's Investor Relations website at www.ligand.com.
