(Source: Business Wire)
Metabasis Therapeutics, Inc. (Nasdaq: MBRX) announced today that on
September 15, 2009, the Company received a letter from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq"),
notifying the Company that based upon the closing bid price of its
common stock for the last 30 consecutive business days, the Company did
not maintain a minimum closing bid price of $1.00 per share or more that
is required for continued listing on the Nasdaq Capital Market under
Nasdaq Listing Rule 5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a grace period of 180 calendar days, or until March 15,
2010, in which to regain compliance. If at anytime during this grace
period the closing bid price of the Company's common stock is $1.00 per
share or more for a minimum of 10 consecutive business days, Nasdaq will
provide the Company with written confirmation of regained compliance.
About Metabasis (www.mbasis.com):
Metabasis is a biopharmaceutical company that has discovered novel drugs
for metabolic diseases using its proprietary technology and its
knowledge of processes and pathways within the liver that are useful for
liver-selective drug targeting and treatment of metabolic diseases. The
Company has established a broad pipeline of product candidates and
advanced discovery programs targeting large markets with significant
unmet needs. The Company's product pipeline includes clinical-stage
product candidates and advanced discovery programs for the treatment of
metabolic diseases such as diabetes and hyperlipidemia, as well as
product candidates and advanced discovery programs for the treatment of
liver diseases such as hepatitis and primary liver cancer. All of the
Company's product candidates were developed internally.
Forward-Looking Statements:
Statements in this press release that are not strictly historical in
nature constitute "forward-looking statements." Such statements include,
but are not limited to, references to the Company's ability to regain
compliance with Nasdaq listing requirements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Metabasis' actual results to be materially
different from historical results or from any results expressed or
implied by such forward-looking statements. These factors include, but
are not limited to, risks and uncertainties related to Metabasis'
ability to maintain compliance with Nasdaq Capital Market continued
listing requirements and other factors discussed in the "Risk Factors"
section of Metabasis' Quarterly Report on Form 10-Q for the quarter
ended June 30, 2009. All forward-looking statements are qualified in
their entirety by this cautionary statement. Metabasis is providing this
information as of this date of this release and does not undertake any
obligation to update any forward-looking statements contained in this
release as a result of new information, future events or otherwise.
A service of YellowBrix, Inc.
