VACAVILLE, Calif., Nov. 30 /PRNewswire-FirstCall/ -- On November 23, 2005, Large Scale Biology Corporation received notice from the staff of Nasdaq that the Company does not comply with Marketplace Rule 4310(c)(2)(B), which requires the Company to have a minimum of $2,500,000 in stockholders’ equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
The staff of Nasdaq is reviewing the Company’s eligibility for continued listing on The Nasdaq Capital Market. To facilitate that review, the staff of Nasdaq requested that the Company provide no later than December 8, 2005 the Company’s specific plan to achieve and sustain compliance with all The Nasdaq Capital Market listing requirements, including the time frame for completion of the plan. Upon the conclusion of the Nasdaq review process, if the staff of Nasdaq determines that the Company’s plan does not adequately address the required issues, the Nasdaq staff will provide written notification that that the Company’s securities will be delisted. At that time, the Company may appeal the decision to a Nasdaq Listing Qualifications Panel.
This press release is being issued to be in compliance with Nasdaq Marketplace Rule 4803(a). Please see the Company’s form 8-K filed on November 30, 2005 for more detail.
About Large Scale Biology Corporation
Large Scale Biology Corporation uses its proprietary gene expression, molecular engineering and bioprocessing technologies to develop and manufacture therapeutic and industrial proteins, vaccines and diagnostic products for effective characterization and treatment of disease. Corporate offices, R&D laboratories and Predictive Diagnostics, Inc. are headquartered in Vacaville, California, and the Company’s commercial-scale biomanufacturing facility is located in Owensboro, Kentucky. For more information about Large Scale Biology Corporation, visit the Company’s website at www.lsbc.com.
NOTE: LSBC(TM) is a trademark of Large Scale Biology Corporation. Large Scale Biology Corporation 707-446-5501 Ronald J. Artale, Chief Operating Officer and Chief Financial Officer 707-446-5501, ext. 320
Large Scale Biology Corporation
CONTACT: Ronald J. Artale, Chief Operating Officer and Chief FinancialOfficer of Large Scale Biology Corporation, +1-707-446-5501, ext. 320
Web site: http://www.lsbc.com/