SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Cell Genesys, Inc. (Nasdaq:CEGE) today announced that it has received a letter from The Nasdaq Stock Market dated October 21, 2008, indicating that the Company had become non-compliant with the minimum $1.00 bid price requirement for continued listing on The Nasdaq Global Market as set forth in Nasdaq Marketplace Rule 4450(a)(5) (the "Minimum Bid Price Rule") because the price of the Company's stock closed below the minimum closing bid price of $1.00 per share for a period of 30 consecutive business days. The Nasdaq Letter indicates that in light of extraordinary market conditions, Nasdaq has determined to suspend enforcement of the minimum bid price and market value of publicly held shares requirements through January 16, 2009. In accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company has 180 calendar days from January 20, 2009, or until July 20, 2009, to regain compliance with the requirements of the Minimum Bid Price Rule. If Cell Genesys does not regain compliance with this rule within the required timeframe, the Nasdaq Staff Deficiency Letter provides that the Company may consider applying to transfer to the Nasdaq Capital Market, which would allow the Company to take advantage of the additional 180 day compliance period provided on that Nasdaq Capital Market, if the Company meets all requirements for initial listing on the Nasdaq Capital Market except for the bid price requirement. If compliance is not demonstrated within the compliance period, the Nasdaq Staff Deficiency Letter indicates that the Nasdaq Staff will provide written notification that Cell Genesys’ common stock will be delisted, after which Cell Genesys may appeal the staff determination to the Nasdaq Listing Qualifications Panel if it so chooses.
