Avalon Pharmaceuticals Receives Extension of Time to Comply with NASDAQ Deficiency Notice

GERMANTOWN, Md.--(BUSINESS WIRE)--Avalon Pharmaceuticals, Inc. (Nasdaq: AVRX), today announced that on December 18, 2008, it received a letter from The NASDAQ Stock Market, LLC notifying the Company that it had been granted an extension of time for compliance with NASDAQ Marketplace Rule 4450(a)(3). The Company previously announced on November 25, 2008, that it had received a Deficiency Notice from NASDAQ notifying the Company that it is not in compliance with NASDAQ Marketplace Rule 4450(a)(3) because the Company’s stockholders’ equity, as reported in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2008, did not meet the minimum of $10 million required for continued listing on The NASDAQ Global Market.