Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) has received
notification from NASDAQ OMX (“NASDAQ”) that, given the current
extraordinary market conditions, NASDAQ has further extended the
temporary suspension of the rules requiring a minimum market value of
publicly held shares (“MVPHS”) and a minimum $1 closing bid price by 90
days.
As a result of the suspension, all companies presently in the compliance
process will remain at that same stage of the process; however,
companies can regain compliance during the suspension period. NASDAQ
will not take any action to delist any security for these concerns
during the suspension period; these rules will now be reinstated on
Monday, July 20, 2009.
On October 3, 2008, Oscient announced that pursuant to Marketplace Rule
4310(c)(8)(B), the Company had 90 calendar days to regain compliance
with the MVPHS requirement. Based on this extension and the previously
announced suspensions of rules enforcement on October 23, 2008 and
December 23, 2008, Oscient estimates it will have until October 6, 2009
to regain compliance by evidencing a minimum $15 million MVPHS for 10
consecutive business days. If the Company does not regain compliance
with the MVPHS requirement by October 6, 2009, the Company will receive
written notification of delisting from NASDAQ and at that time will be
entitled to request a hearing before a NASDAQ Listing Qualifications
Panel to present its plan to regain compliance with the MVPHS
requirement.
The NASDAQ notice has no effect on the listing of the Company’s common
stock on The NASDAQ Global Market at this time.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage pharmaceutical
company marketing two FDA-approved products in the United States: ANTARA®
(fenofibrate) capsules, a cardiovascular product and FACTIVE®
(gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic. ANTARA is
indicated for the adjunct treatment of hypercholesterolemia (high blood
cholesterol) and hypertriglyceridemia (high triglycerides) in
combination with diet. FACTIVE is approved for the treatment of acute
bacterial exacerbations of chronic bronchitis and community-acquired
pneumonia of mild to moderate severity.
