Pharmacopeia, Inc. (PCOP) to Request a Hearing With NASDAQ Following Receipt of Notice of Non-Compliance
11/10/2008 11:46:20 AM
PRINCETON, N.J., Nov. 7, 2008 (GLOBE NEWSWIRE) -- Pharmacopeia (Nasdaq:PCOP) today announced that it intends to request a hearing before a NASDAQ Listing Qualifications Panel ("Panel") to present a plan to regain compliance with NASDAQ Marketplace Rule 4450(b)(1)(A), which requires a minimum market value of listed securities of $50 million. On November 4, 2008, as expected, Pharmacopeia received a notice of non-compliance from the NASDAQ Staff indicating that the Company had not regained compliance with this rule and that the Company's common stock was subject to delisting unless the Company requests a hearing before a Panel. Pharmacopeia intends to request a hearing, which will automatically stay the delisting of the Company's common stock pending the issuance of the Panel's decision after the hearing. The Company plans to exercise diligent efforts to maintain the listing of its common stock on NASDAQ, but there is no assurance that it will be successful in doing so.