EAST NORRITON, Pa., Oct. 6, 2011 /PRNewswire/ -- Tengion, Inc. (Nasdaq: TNGN) today announced that it received notice from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share required for continued inclusion on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). The notification letter has no effect at this time on the listing of the Company’s common stock on The Nasdaq Global Market. Tengion’s common stock will continue to trade on The Nasdaq Global Market under the symbol “TNGN”.
The notification letter states that the Company will be afforded 180 calendar days, or until April 2, 2012, to regain compliance with the minimum bid price requirement. In order to regain compliance, shares of the Company’s common stock must maintain a minimum bid closing price of at least $1.00 per share for a minimum of ten consecutive business days.
In accordance with Nasdaq’s procedures, if the Company does not regain compliance by April 2, 2012, Nasdaq will provide written notification to the Company that the Company’s common stock will be delisted. At that time, the Company may appeal Nasdaq’s delisting determination to a Nasdaq Listing Qualifications Panel. Alternatively, the Company may be eligible for an additional grace period if it satisfies all of the requirements, other than the minimum bid price requirement, for initial listing on The Nasdaq Capital Market set forth in Nasdaq Listing Rule 5505. To avail itself of this alternative, the Company would need to submit an application to transfer its securities to The Nasdaq Capital Market.
The Company intends to consider all available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirements. In addition, the Company intends to explore other options for the listing of its common stock.
About Tengion
Tengion, a clinical-stage biotechnology company, has pioneered the Organ Regeneration Platform that enables the Company to create proprietary product candidates that are intended to harness the intrinsic regenerative pathways of the body to produce a range of native-like organs and tissues. Tengion’s product candidates seek to eliminate the need to utilize other tissues of the body for a purpose to which they are poorly suited, procure donor organs or administer anti-rejection medications. An initial clinical trial is ongoing for the Company’s lead product candidate, the Neo-Urinary Conduit, an autologous implant that is intended to catalyze regeneration of native-like bladder tissue for bladder cancer patients requiring a urinary diversion following bladder removal. The Company’s lead preclinical candidate is the Neo-Kidney Augment, which is designed to delay or prevent the need for dialysis or transplantation in patients at risk for kidney failure. Tengion has also applied its technology in two Phase II clinical trials for Tengion’s Neo-Bladder Augment for the treatment of neurogenic bladder. Tengion has worldwide rights to its product candidates.
Forward-Looking Statements
Certain statements set forth above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to the Company’s efforts and plans to regain compliance with the listing requirements of the Nasdaq Global Market and/or to seek listing on the Nasdaq Capital Market. For instance there can be no assurance that: (i) the minimum bid price of the Company’s common stock will increase so as to comply with Nasdaq Listing Requirement Rule 5450(a)(1); (ii) the Company will qualify for listing on the Nasdaq Capital Market or other national securities exchange. For additional factors which could cause actual results to differ from expectations, reference is made to the reports filed by the Company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The forward looking statements in this release are made only as of the date hereof and the Company disclaims any intention or responsibility for updating predictions or expectations in this release.
SOURCE Tengion, Inc.
