SOMERSET, N.J., July 31 /PRNewswire-FirstCall/ -- DOV Pharmaceutical, Inc. announced today that on July 28, 2006 the Nasdaq Listings Qualification Department notified the Company that it has failed to comply with the continued listing requirements of The Nasdaq Global Market because the market value of the Company's listed securities has fallen below $50,000,000 for 10 consecutive business days (pursuant to Rule 4450(b)(1)(A) of the Nasdaq Marketplace Rules).
Nasdaq also informed the Company that it failed to comply with Nasdaq Marketplace Rule 4450(b)(1)(B), which requires total assets and total revenue of $50,000,000 each for the most recently completed fiscal year or two of the last three most recently completed fiscal years. Under the Nasdaq Global Market Continued Inclusion Requirements, the Company may maintain its listing qualifications without complying with this requirement if it is in compliance with the requirements of Rule 4450(b)(1)(A) of the Nasdaq Marketplace Rules with respect to the market value of its listed securities being at least $50,000,000.
Pursuant to Nasdaq Marketplace Rule 4450(e)(4), the Company was provided a period of 30 calendar days, or until August 28, 2006, to regain compliance. In the event the Company does not regain compliance by August 28, 2006, DOV shall have the right to appeal a staff determination to delist the Company's securities and the Company's securities will remain listed until completion of the appeal process.
About DOV
DOV is a biopharmaceutical company focused on the discovery, acquisition, development and commercialization of novel drug candidates for central nervous system disorders. The Company's product candidates address some of the largest pharmaceutical markets in the world including insomnia, pain and depression.
Cautionary Note
Statements in this press release that are not historical facts constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act, each as amended, including statements regarding our expectations with respect to the progress of and level of expenses for our clinical trial programs. You can also identify forward-looking statements by the following words: may, will, should, expect, intend, plan, anticipate, believe, estimate, predict, potential, continue or the negative of these terms or other comparable terminology. We caution you that forward-looking statements are inherently uncertain and are simply point-in-time estimates based on a combination of facts and factors currently known by us about which we cannot be certain or even relatively confident. Actual results or events will surely differ and may differ materially from our forward-looking statements as a result of many factors, some of which we may not be able to predict or may not be within our control. Such factors may also materially adversely affect our ability to achieve our objectives and to successfully develop and commercialize our product candidates, including our ability to:
-- demonstrate the safety and efficacy of product candidates at each stage of development; -- develop and execute Phase II and III clinical programs for bicifadine, our novel analgesic, revised as necessary to take into account the drug's recent failure to achieve statistically significant effect relative to placebo; -- meet our development schedule for our product candidates, including with respect to clinical trial initiation, enrollment and completion; -- meet applicable regulatory standards and receive required regulatory approvals on our anticipated time schedule or at all; -- meet or require our partners to meet obligations and achieve milestones under our license and other agreements; -- successfully execute the development plan under and otherwise achieve the results contemplated by the 2005 amendment to our license agreement with Merck; -- obtain and maintain collaborations as required with pharmaceutical partners; -- obtain substantial additional funds; -- obtain and maintain all necessary patents, licenses and other intellectual property rights; and -- produce drug candidates in commercial quantities at reasonable costs and compete successfully against other products and companies.
You should also refer to the risks discussed in our other filings with the Securities and Exchange Commission including those contained in our annual report on Form 10-K filed on March 15, 2006 and our quarterly report on Form 10-Q filed on May 9, 2006. We qualify all our forward-looking statements by these cautionary statements. Readers should not place undue reliance on our forward-looking statements. We do not undertake any obligation and do not intend to update any forward-looking statement.
DOV Pharmaceutical, Inc.CONTACT: Keri P. Mattox, Director, Investor Relations and CorporateCommunications, of DOV Pharmaceutical, Inc., +1-732-907-3600
Web site: http://www.dovpharm.com/
