Memory Pharmaceuticals Provides Update on NASDAQ Listing Status
28 Ottobre 2008 - 12:00PM
PR Newswire (US)
MONTVALE, N.J., Oct. 28 /PRNewswire-FirstCall/ -- Memory
Pharmaceuticals Corp. (NASDAQ:MEMY) today announced that it has
received notice from the NASDAQ Listing Qualifications Panel that
the listing of the Company's common stock will be transferred from
The NASDAQ Global Market to The NASDAQ Capital Market effective
with the opening of trading on October 28, 2008. The Company's
shares will continue to trade under the ticker "MEMY." The Panel
has also notified the Company that it has until October 31, 2008 to
comply with the NASDAQ Capital Market minimum market capitalization
requirement of $35 million or the alternative requirement of $2.5
million in stockholders' equity in order to remain listed. The
Company has requested an extension to December 3, 2008 to comply
with this requirement and to achieve its plan previously provided
to the Panel. However, there can be no assurance that the Company
will be granted this extension by the Panel. The NASDAQ Capital
Market is one of the three market tier designations for
NASDAQ-listed stocks and operates in substantially the same manner
as The NASDAQ Global Market. Securities listed on The NASDAQ
Capital Market must satisfy all applicable qualification
requirements for NASDAQ securities, and companies listed on The
NASDAQ Capital Market must meet certain financial requirements and
adhere to NASDAQ's corporate governance standards. About the
Company Memory Pharmaceuticals Corp., a biopharmaceutical company,
is focused on developing innovative drugs for the treatment of
debilitating CNS disorders, many of which exhibit significant
impairment of memory and other cognitive functions, including
Alzheimer's disease and, schizophrenia. For additional information,
please visit our website at http://www.memorypharma.com/. Safe
Harbor Statement This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to risks and uncertainties. All
statements, other than statements of historical facts, regarding
management's expectations, beliefs, goals, plans or Memory
Pharmaceuticals' prospects, future financial position, future
revenues and projected costs should be considered forward-looking.
Readers are cautioned that actual results may differ materially
from projections or estimates due to a variety of important
factors, including the outcome of clinical trials of Memory
Pharmaceuticals' drug candidates and whether they demonstrate these
candidates' safety and effectiveness; the risks and uncertainties
associated with: obtaining additional financing to support Memory
Pharmaceuticals' R&D and clinical activities and operations;
obtaining regulatory approvals to conduct clinical trials and to
commercialize Memory Pharmaceuticals' drug candidates; Memory
Pharmaceuticals' ability to enter into and maintain collaborations
with third parties for its drug development programs; Memory
Pharmaceuticals' dependence on its collaborations and its license
relationships; achieving milestones under Memory Pharmaceuticals'
collaborations; Memory Pharmaceuticals' dependence on preclinical
and clinical investigators, preclinical and clinical research
organizations, manufacturers and consultants; protecting the
intellectual property developed by or licensed to Memory
Pharmaceuticals; and Memory Pharmaceuticals' ability to maintain
listing on the Nasdaq Capital Market. These and other risks are
described in greater detail in Memory Pharmaceuticals' filings with
the Securities and Exchange Commission. Memory Pharmaceuticals may
not actually achieve the goals or plans described in its
forward-looking statements, and investors should not place undue
reliance on these statements. Memory Pharmaceuticals disclaims any
intent or obligation to update any forward-looking statements as a
result of developments occurring after the date of this press
release. DATASOURCE: Memory Pharmaceuticals Corp. CONTACT: Jzaneen
Lalani, General Counsel, +1-201-802-7249; or Laura Perry of LMP
Investor Relations Inc., +1-646-719-1055 Web site:
http://www.memorypharma.com/
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