Point Therapeutics Receives Letter from Nasdaq Citing Non-Compliance with Minimum Bid Price Rules
March 13 2007 - 7:30AM
Business Wire
Point Therapeutics, Inc. (NASDAQ: POTP) reported today that the
Company received a letter on March 8, 2007 from the Listing
Qualifications Department of The Nasdaq Stock Market indicating
that the Company failed to comply with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market
Exchange set forth in Marketplace Rule 4310(c)(4) because the
Company's common stock had closed below the minimum $1.00 per share
requirement for 30 consecutive business days. The Company can
regain compliance if, at any time before September 4, 2007, the bid
price of the Company's common stock closes at $1.00 per share or
more for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by September 4, 2007, the
Company will have the right to appeal a staff determination to
delist the Company's securities, and the Company's securities will
remain listed until completion of that appeal process. About Point
Therapeutics, Inc.: Point is a Boston-based biopharmaceutical
company which is currently studying its lead product candidate,
talabostat, in two Phase 3 double blind, placebo-controlled trials
in non-small cell lung cancer (NSCLC) and in a Phase 2 trial in
combination with gemcitabine in metastatic pancreatic cancer. Point
has also studied talabostat in several Phase 2 trials, including as
a single-agent in metastatic melanoma, in combination with
cisplatin in metastatic melanoma, in combination with rituximab in
advanced chronic lymphocytic leukemia, and in combination with
docetaxel in NSCLC. Certain statements contained herein are not
strictly historical and are "forward looking" statements as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts, and can be identified by, among other things, the use of
forward-looking language, such as "believes," "feels," "expects,"
"may," "will," "projects," "should," "seeks," "plans," "schedules
to," "anticipates" or "intends" or the negative of those terms, or
other variations of those terms of comparable language, or by
discussions of strategy or intentions. A number of important
factors could cause actual results to differ materially from those
projected or suggested in the forward looking statement due to
risks and uncertainties to which the Company is subject, including
uncertainty as to whether the Company�s stock price can close at
$1.00 per share or more for ten consecutive days; and other factors
that are described in Form 8-K filed with the Securities and
Exchange Commission on February 8, 2007, and from time to time in
Point's other reports filed with the Securities and Exchange
Commission.
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