SCHAUMBURG, Ill.--(BUSINESS WIRE)--APP Pharmaceuticals, Inc. (Nasdaq:APPX), a leading manufacturer of multi-source and branded injectable pharmaceutical products, today said it received a letter from The Nasdaq Stock Market, Inc. indicating that the Company was no longer in compliance with Nasdaq’s Marketplace Rule 4350(d)(2). This rule requires the Company to have an audit committee of at least two independent directors as defined by the Nasdaq Marketplace Rules. In addition, one additional non-employee director can be appointed to the audit committee under certain circumstances. In connection with the tax-free spin off of its proprietary business, the Company’s audit committee members resigned to become directors of the new Abraxis BioScience. As a result, APP Pharmaceuticals currently has one independent audit committee member.
