AEterna Zentaris Receives NASDAQ Notification Related to Minimum Bid Price
23 January 2010 - 8:05AM
PR Newswire (US)
QUEBEC CITY, Jan. 22 /PRNewswire-FirstCall/ -- AEterna Zentaris
Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company"), a late-stage drug
development company specialized in oncology and endocrinology,
today announced that on January 21, 2010, the Company received a
letter from the Listing Qualifications Department of The NASDAQ
Stock Market indicating that the minimum closing bid price of its
common shares had fallen below US$1.00 for 30 consecutive trading
days, and therefore, AEterna Zentaris was not in compliance with
NASDAQ Listing Rule 5450(a)(1) (the "Rule"). In accordance with
NASDAQ Listing Rule 5810(C)(3)(a), AEterna Zentaris is provided a
grace period of 180 calendar days, or until July 20, 2010, to
regain compliance with this requirement. The notice has no effect
on the listing of AEterna Zentaris' common shares at this time, and
its common shares will continue to trade on the NASDAQ under the
symbol "AEZS", as well as on the Toronto Stock Exchange under the
symbol "AEZ". AEterna Zentaris can regain compliance with the Rule
if the bid price of its common shares closes at US$1.00 or higher
for a minimum of ten consecutive business days during the grace
period, although NASDAQ may, in its discretion, require the Company
to maintain a minimum closing bid price of at least US$1.00 per
share for a period in excess of ten consecutive business days
before determining that AEterna Zentaris has demonstrated the
ability to maintain long-term compliance. If the Company is
unsuccessful in meeting the minimum bid requirement by July 20,
2010, Nasdaq will provide notice to AEterna Zentaris that its
common shares will be subject to delisting from the Nasdaq Global
Market. If the Company receives a delisting notification, it may
appeal to the Listing Qualifications Panel or apply to transfer its
common shares to the Nasdaq Capital Market if AEterna Zentaris
satisfies at such time all of the initial listing standards on the
Nasdaq Capital Market, other than compliance with the minimum
closing bid price requirement. If the application to the Nasdaq
Capital Market is approved, then the Company will have an
additional 180-day grace period in order to regain compliance with
the minimum bid price requirement while listed on the Nasdaq
Capital Market. About AEterna Zentaris Inc. AEterna Zentaris Inc.
is a late-stage drug development company specialized in oncology
and endocrinology. News releases and additional information are
available at http://www.aezsinc.com/. Forward-Looking Statements
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the U.S. Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include,
among others, the availability of funds and resources to pursue
R&D projects, the successful and timely completion of clinical
studies, the ability of the Company to take advantage of business
opportunities in the pharmaceutical industry, uncertainties related
to the regulatory process and general changes in economic
conditions. Investors should consult the Company's quarterly and
annual filings with the Canadian and U.S. securities commissions
for additional information on risks and uncertainties relating to
the forward-looking statements. Investors are cautioned not to rely
on these forward-looking statements. The Company does not undertake
to update these forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements
contained herein to reflect future results, events or developments
except if we are required by a governmental authority or applicable
law. DATASOURCE: AETERNA ZENTARIS INC. CONTACT: Investor Relations:
Dennis Turpin, SVP and CFO, (418) 652-8525 ext. 242, ; Media
Relations: Paul Burroughs, Director of Communications, (418)
652-8525 ext. 406,
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