SAN DIEGO, June 28 /PRNewswire-FirstCall/ -- Sequenom, Inc. announced today that the Company had received a letter from the Listing Qualifications Panel of The Nasdaq Stock Market (“Panel”) informing the Company that it had evidenced compliance with the minimum bid price requirement for continued listing on The Nasdaq National Market, as required by the Panel’s hearing decision of April 24, 2006.
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The Panel further acknowledged that it appears the Company has regained compliance with Nasdaq’s shareholders’ minimum equity requirement based on net proceeds from the Company’s recently announced successful raise of $33 million through a private placement of common stock and warrants. Accordingly, the Panel granted the Company an exception until August 15, 2006 to file with the Securities and Exchange Commission, its Form 10-Q for the quarter ending June 30, 2006, evidencing shareholders’ equity of at least $10 million. The Company expects to satisfy the Panel’s requirements and to remain listed on The Nasdaq National Market.
“Continued listing on The Nasdaq National Market is important to our stockholders and to our ability to attract new investors and so of course we are pleased with this outcome,” said Harry Stylli, MBA, Ph.D., President and Chief Executive Officer of Sequenom, Inc. “We look forward to continuing to execute on our business plan, growing sales, and creating shareholder value.”
About Sequenom
Sequenom is committed to providing the best genetic analysis products that translate genomic science into superior solutions for non-invasive prenatal testing, biomedical research, molecular medicine and agricultural applications. The Company’s proprietary MassARRAY system is a high-performance DNA analysis platform that efficiently and precisely measures the amount of genetic target material and variations therein. The system is able to deliver reliable and specific data from complex biological samples and from genetic target material that is only available in trace amounts. The Company has exclusively licensed intellectual property rights for the development and commercialization of non-invasive prenatal genetic tests for use with the MassARRAY system and other platforms.
Sequenom(R) and MassARRAY(R) are trademarks of Sequenom, Inc.
Except for the historical information contained herein, the statements set forth in this press release, including statements regarding the Company’s expectation to satisfy the Panel’s requirements and continued listing of the Company’s securities on The Nasdaq National Market, the Company’s ability to attract new investors, and executing the Company’s business plan, growing sales, and creating shareholder value, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with the Company’s ability to continue to satisfy The Nasdaq Stock Market’s listing requirements for The Nasdaq National Market, ability to execute its business plan and ability to grow sales, as well as other risks described from time to time in Sequenom’s SEC filings, including Sequenom’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and its subsequent filings. These forward-looking statements are based on current information that is likely to change. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Sequenom undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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CONTACT: Clarke Neumann, Investor Relations of Sequenom, Inc.,+1-858-202-9206, cneumann@sequenom.com
Web site: http://www.sequenom.com//