Hollis-Eden Pharmaceuticals Receives NASDAQ Notification Related to Minimum Bid Price
16 Settembre 2009 - 2:30PM
PR Newswire (US)
SAN DIEGO, Sept. 16 /PRNewswire-FirstCall/ -- Hollis-Eden
Pharmaceuticals, Inc. (NASDAQ:HEPH), a leader in the development of
a new class of small molecule compounds based on endogenous adrenal
steroid hormones, today announced that it received a letter from
The NASDAQ Stock Market on September 15, 2009. The letter states
that Hollis-Eden is not in compliance with Nasdaq Marketplace Rule
4450(a)(5) (the "Minimum Bid Price Rule") because its common stock
had closed below $1.00 per share for 30 consecutive business days.
The letter also states that in accordance with Nasdaq Marketplace
Rules, Hollis-Eden has 180 days, or until March 15, 2010, to regain
compliance with the Minimum Bid Price Rule. This letter has no
immediate effect on the NASDAQ listing or trading of Hollis-Eden's
common stock. Hollis-Eden will regain compliance with the Minimum
Bid Price Rule if the bid price of its common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days
before March 15, 2010. However, if Hollis-Eden does not regain
compliance with the Minimum Bid Price Rule by March 15, 2010, the
Nasdaq staff will provide Hollis-Eden with a written notification
that its common stock is subject to delisting. Hollis-Eden will
monitor the bid price for its common stock and consider available
options. About Hollis-Eden Pharmaceuticals, Inc. Hollis-Eden
Pharmaceuticals, Inc. is developing a new series of small molecule
compounds that are metabolites or synthetic analogs of endogenous
hormones derived by the adrenal glands from the body's most
abundant circulating adrenal steroid. Hollis-Eden's clinical drug
development candidates include TRIOLEX (HE3286), a next-generation
compound currently in clinical trials for the treatment of type 2
diabetes, ulcerative colitis and rheumatoid arthritis, and APOPTONE
(HE3235), a next-generation compound in a clinical trial for the
treatment of late-stage prostate cancer. For more information on
Hollis-Eden, visit its website at http://www.holliseden.com/. This
press release contains forward-looking statements within the
meaning of the federal securities laws concerning, among other
things, the potential and prospects of Hollis-Eden Pharmaceuticals,
Inc. regaining and maintaining compliance with the listing
standards of the NASDAQ Global Market and its drug discovery
program and its drug candidates. Any statement included in this
press release that are not a description of historical facts are
forward-looking statements that involve risks, uncertainties,
assumptions and other factors which, if they do not materialize or
prove correct, could cause Hollis-Eden's actual results to differ
materially from historical results or those expressed or implied by
such forward-looking statements. Such statements are subject to
certain risks and uncertainties inherent in the Company's business,
including, but not limited to: the ability to complete preclinical
and clinical trials successfully and within specified timelines, if
at all; the ability to obtain regulatory approval for TRIOLEX
(HE3286), APOPTONE (HE3235) or any other investigational drug
candidate; the Company's future capital needs; the Company's
ability to obtain additional funding; the ability of the Company to
protect its intellectual property rights and to not infringe the
intellectual property rights of others; the development of
competitive products by other companies; and other risks detailed
from time to time in the Company's filings with the Securities and
Exchange Commission. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Except as required by law, Hollis-Eden undertakes no obligation to
update or revise the information contained in this press release as
a result of new information, future events or circumstances arising
after the date of this press release. DATASOURCE: Hollis-Eden
Pharmaceuticals, Inc. CONTACT: Bob Weber, CFO of Hollis-Eden
Pharmaceuticals, Inc., +1-858-587-9333 Web Site:
http://www.holliseden.com/
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