Favrille, Inc. Announces Receipt of Nasdaq Letters
Published: Jul 16, 2008
SAN DIEGO, July 15 /PRNewswire-FirstCall/ -- Favrille, Inc. today announced that it has received Nasdaq staff deficiency letters dated July 9, 2008 indicating that, for the last 30 consecutive trading days, (i) the closing bid price for Favrille's common stock has been below the minimum $1.00 per share requirement and (ii) Favrille has not maintained the $5,000,000 minimum market value of publicly held shares as required for continued inclusion on the Nasdaq Global Market under Marketplace Rules 4450(a)(5) and (2), respectively. In accordance with Marketplace Rule 4450(e)(1), Favrille has 90 calendar days, or until October 7, 2008, to regain compliance with the $5,000,000 minimum market value requirement. In accordance with Marketplace Rule 4450(e)(2), Favrille has 180 calendar days, or until January 5, 2009, to regain compliance with the minimum $1.00 per share requirement. If Favrille does not regain compliance with either of the above Marketplace Rules within the applicable required timeframes, Nasdaq will provide written notification that Favrille's common stock will be delisted, after which Favrille may appeal the staff determination to the Nasdaq Listing Qualifications Panel if it so chooses.
About Favrille, Inc.
Favrille, Inc. is a biopharmaceutical company focused on the development and commercialization of targeted immunotherapies for the treatment of cancer and other diseases of the immune system.
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, references to Favrille's product candidates, proprietary technologies and research and clinical development programs. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause Favrille's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to Favrille's listing status and potential delisting of Favrille's common stock from The Nasdaq Global Market, Favrille's ability to continue its operations, conserve cash or recognize value on our assets and additional risks discussed in Favrille's filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. Favrille is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward- looking statements contained in this release as a result of new information, future events or otherwise.
CONTACT: Tamara A. Seymour, Chief Financial Officer of Favrille, Inc.,
Web site: http://www.favrille.com/