IRVINE, Calif., Feb. 5 /PRNewswire-FirstCall/ -- IDM Pharma, Inc. today announced that it received a letter, dated February 4, 2008, from The NASDAQ Stock Market, notifying IDM Pharma that during the preceding 30 consecutive business days, the closing bid price of the Company’s common stock had been below the $1.00 minimum bid per share required for continued listing on the NASDAQ Global Market under NASDAQ Marketplace Rule 4450(a)(5).
The NASDAQ letter dated February 4, 2008 has no immediate effect on the listing of the Company’s common stock. On February 5, 2008, the closing price of the Company’s common stock was $3.81 per share.
In accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company will be granted 180 calendar days, or until August 4, 2008, to regain compliance with the minimum bid price requirement in accordance with NASDAQ Marketplace Rule 4450(a)(5) by maintaining a closing bid price of $1.00 per share or higher for a minimum of 10 consecutive trading days. If the Company is successful in meeting this requirement, NASDAQ will provide written notification that is has achieved compliance with the Rule. If the Company is unsuccessful in meeting the minimum bid requirement during this initial 180-day period, NASDAQ will provide notice to IDM Pharma that the Company’s common stock will be delisted from the NASDAQ Global Market. If the Company receives a delisting notification, the Company may appeal to the Listing Qualifications Panel or apply to transfer its common stock to the NASDAQ Capital Market if IDM Pharma satisfies all criteria for initial listing on the NASDAQ Capital Market in accordance with Marketplace Rule 4310(c), other than compliance with the minimum bid price requirement. If the application to the NASDAQ Capital Market is approved, then the Company will have an additional 180-day compliance period in order to regain compliance with the minimum bid price requirement while listed on the NASDAQ Capital Market.
About IDM Pharma
IDM Pharma is focused on the development of innovative cancer products that either destroy cancer cells by activating the immune system or prevent tumor recurrence by triggering a specific adaptive immune response. IDM Pharma is dedicated to maximizing the full therapeutic and commercial potential of each of its innovative products to address the needs of patients and the physicians who treat these patients.
For more information about the company and its products, visit http://www.idm-pharma.com.
Forward-Looking Statements
This press release includes forward-looking statements that reflect management’s current views of future events including statements regarding the Company’s ability to comply with the minimum bid price requirements under the NASDAQ Marketplace Rules. Actual results may differ materially from the forward-looking statements due to a number of important factors, including, but not limited to, whether the Company will be able to maintain a closing bid price of $1.00 per share or higher for a minimum of 10 consecutive trading days and risks relating to the Company’s ability to comply with other NASDAQ requirements. Other risks affecting the Company and its drug development programs are more fully discussed in the Company’s Quarterly Report on Form 10-Q filed with the SEC for the quarter ended September 30, 2007 and other periodic reports filed with the SEC. The Company expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
CONTACT: Bob De Vaere, Chief Financial Officer of IDM Pharma, Inc.,
+1-949-470-6447; or Geoff Curtis of WeissComm Partners, cell,
+1-312-550-8138, gcurtis@weisscommpartners.com, for IDM Pharma, Inc.
Web site: http://www.idm-pharma.com/
