MENLO PARK, CA -- (MARKET WIRE) -- December 27, 2006 -- Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced that it has received a NASDAQ Staff Determination in response to the Company's December 4, 2006 submission of a plan to regain compliance with NASDAQ Marketplace Rule 4450(a)(3), which requires the Company to have a minimum of $10,000,000 in stockholders' equity. The Company's stockholders' equity reported on its Form 10-Q for the period ended September 30, 2006 was $6.98 million. The NASDAQ letter indicated that the Staff determined not to accept the Company's plan of compliance and that, therefore, the Company's common stock would be subject to delisting unless the Company requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). On December 27, 2006, the Company requested a hearing before the Panel. As a result, the Company's common stock will remain listed on The NASDAQ Global Market at least until the Panel issues its decision following the hearing. Consistent with the NASDAQ rules, the Company expects that the hearing will be scheduled to occur within the next 45 days.
