SOMERSET, N.J., Aug. 30 /PRNewswire-FirstCall/ -- DOV Pharmaceutical, Inc. (Nasdaq: DOVP - News) announced today that it has received a Staff Determination Letter from the NASDAQ Listing Qualifications Department indicating that the Company has not regained compliance in accordance with NASDAQ Marketplace Rule 4450(b)(1)(A) as the market value of DOV’s common stock has remained below the minimum of $50,000,000 required for continued inclusion in The NASDAQ Global Market.
DOV previously announced on July 31, 2006 that the NASDAQ Listing Qualifications Department notified the Company on July 28, 2006 that it failed to comply with the continued listing requirements of The NASDAQ Global Market because the market value of the Company’s listed securities had fallen below $50,000,000 for 10 consecutive business days. Pursuant to NASDAQ Marketplace Rules, the Company was provided a period of 30 calendar days, or until August 28, 2006, to regain compliance.
DOV intends to request a hearing before a NASDAQ Listing Qualifications Panel and will submit its plan of compliance in connection with such hearing. The hearing request will stay the staff’s determination and, as a result, the Company’s securities will remain listed on The NASDAQ Global Market until the Panel issues its decision following the hearing. The Company expects the hearing to be held in approximately 35 to 45 days. There can be no assurance that the Panel will grant the Company’s request for continued listing on The NASDAQ Global Market.
About DOV
DOV is a biopharmaceutical company focused on the discovery, acquisition and development 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:
* develop a plan for compliance with the continued listing requirements of The NASDAQ Global Market and successfully appeal the NASDAQ Staff determination; * raise substantial additional capital, including in the event our common stock is no longer listed for trading on a U.S. national securities exchange, in order to fund operations and, if applicable, to repurchase our convertible subordinated debentures; * obtain and maintain all necessary patents, licenses and other intellectual property rights; * demonstrate the safety and efficacy of product candidates at each stage of development; * develop and execute clinical programs in Phase II (osteoarthritis) and Phase III (chronic low back pain, or CLBP) for bicifadine, our novel analgesic; the Phase III trial has been revised as necessary to take into account the drug’s recent failure to achieve statistically significant effects 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; 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 August 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.
Source: DOV Pharmaceutical, Inc.
