Neurogen Corporation Receives Notice from NASDAQ Regarding Listing of Securities
December 17 2009 - 3:12PM
Business Wire
Neurogen Corporation (NASDAQ: NRGN) announced today that it
received a NASDAQ staff determination letter on December 11, 2009,
notifying the company that it has not regained compliance, during a
prescribed period, with NASDAQ Listing Rule 5450(a)(1), which
requires the stock of listed companies to trade at or above $1.00
per share.
Neurogen has filed for a hearing to appeal the staff’s
determination with a NASDAQ Hearings Panel which, under the
NASDAQ’s Rule 5800 Series, will stay a potential delisting of the
Company’s securities and enable the Company’s common stock to
continue trading on the NASDAQ through the appeal process. Neurogen
expects its stock to continue trading on the NASDAQ through the
expected closing of its previously announced pending merger into
Ligand Pharmaceuticals by the end of this year.
As previously reported, Neurogen was initially notified by
NASDAQ on August 26, 2008, that the bid price of its common stock
had closed at less than $1.00 per share over the previous 30
consecutive business days. NASDAQ suspended the enforcement of the
bid price requirement for all NASDAQ companies from October 16,
2008 through July 31, 2009 and upon reinstatement of the rules, the
Company’s period for regaining compliance ran through December 10,
2009.
About Neurogen
Based in Branford, CT., Neurogen Corporation is a drug
development company historically focusing on small-molecule drugs
to improve the lives of patients suffering from psychiatric and
neurological disorders with significant unmet medical need.
Neurogen has conducted its drug development independently and, when
advantageous, collaborated with world-class pharmaceutical
companies to access additional resources and expertise.
Safe Harbor Statement
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934. Forward-looking
statements include statements that refer to the Company's
intentions to take actions required to regain compliance with the
listing standards of The NASDAQ Global Market, the form, timing and
effect of any such actions, and the Company's ability to regain
compliance. Readers are cautioned that actual events that occur
could differ materially from those expressed in or contemplated by
the forward-looking statements. Factors that could cause actual
events to differ include, but are not limited to, events and
developments affecting the Company's per share stock price that may
affect its ability to achieve the minimum bid price requirement,
the Company's ability to regain compliance with the minimum bid
price listing requirement, the Company's ability to continue to
meet the other NASDAQ listing requirements, which could result in
the delisting of the Company's common stock even if it achieved
compliance with the minimum bid price requirement, the Company's
ability to successfully appeal a delisting determination by NASDAQ,
and the Company's ability to transfer its listing to The NASDAQ
Capital Market. In addition, please refer to the risk factors
contained in the Company's SEC filings available at www.sec.gov,
including without limitation, the Company's annual report on Form
10-K for the year ended December 31, 2007 and Neurogen's quarterly
report on Form 10-Q for the quarter ended June 30, 2008. Readers
are cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
Neurogen undertakes no obligation to update or revise any
forward-looking statements for any reason.
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