SAN FRANCISCO, Oct. 13 /PRNewswire-FirstCall/ -- VIA Pharmaceuticals, Inc. , a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease, today announced that on October 9, 2009, it received a determination letter from The NASDAQ Stock Market (“NASDAQ”) notifying the Company that the NASDAQ Hearing Panel (the “Panel”) has granted the Company’s request to remain listed on NASDAQ, subject to the Company demonstrating compliance with the NASDAQ Listing Rules (the “Listing Rules”) on or before December 31, 2009 (the “Exception Period”). During the Exception Period, the Company must provide prompt notification of any significant events to NASDAQ.
The Panel granted the Company’s request after a hearing held on August 27, 2009 in which the Company presented its plan of compliance (the “Plan”) with respect to its failure to satisfy NASDAQ’s minimum $2.5 million stockholders’ equity, board independence, and $1.00 minimum bid price requirements for continued listing. Based on the Company’s Plan and its continued execution of the Plan, the Panel found that it was appropriate to allow the Company to remain listed on NASDAQ while the Company works to regain compliance with the Listing Rules.
There can be no assurance that the Company will be able to achieve or sustain the requirements under the Listing Rules to insure that it will maintain its NASDAQ listing.
About VIA Pharmaceuticals, Inc.
VIA Pharmaceuticals, Inc. is a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease. VIA’s lead candidate, VIA-2291, targets a significant unmet medical need: reducing inflammation in plaque, which is an underlying cause of atherosclerosis and its complications, including heart attack and stroke. In addition, VIA’s pipeline of drug candidates includes other compounds to address other underlying causes of cardiovascular disease: high cholesterol, diabetes and inflammation. For more information, visit: http://www.viapharmaceuticals.com.
Forward Looking Statements
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or to VIA’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause VIA’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond VIA’s control and which could materially affect actual results, levels of activity, performance or achievements.
Factors that may cause actual results to differ materially from current expectations include, but are not limited to:
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and VIA undertakes no obligation to update publicly any of these statements in light of new information or future events.
SOURCE VIA Pharmaceuticals, Inc.
CONTACT: James G. Stewart, Senior Vice President and Chief Financial
Officer of VIA Pharmaceuticals, Inc., +1-415-283-2204
Web site: http://www.viapharmaceuticals.com/
