MENLO PARK, Calif., Nov. 17 /PRNewswire-FirstCall/ -- Corcept Therapeutics Incorporated today announced that Nasdaq has notified Corcept that the company is not in compliance with continuous listing standards for inclusion on the Nasdaq Global Market because (i) pursuant to Nasdaq Marketplace Rule 4450(a)(5), the Company’s price per share for its Common Stock had closed below the minimum $1.00 per share requirement for 30 consecutive business days, and (ii) pursuant to Marketplace Rule 4450(a)(3), the Company’s stockholders’ equity reported on its Form 10-Q for the period ending September 30, 2006 did not comply with the minimum $10 million requirement.
Pursuant to Marketplace Rule 4450(e)(2), the company has a 180 day grace period to regain compliance with Nasdaq’s minimum bid price requirement. In order to regain compliance, the bid price of the Company’s common stock must close at $1.00 or more per share for a minimum of 10 consecutive business days anytime before May 9, 2007.
Nasdaq has advised the Company that under Marketplace Rule 4803, the Company has until December 4, 2006 to provide Nasdaq a specific plan to achieve and sustain compliance with the minimum stockholders’ equity standard.
Statements made in this news release, other than statements of historical fact, are forward-looking statements, including, for example, statements relating to milestone dates for Corcept to meet Nasdaq compliance standards and the continuous listing of Corcept shares on Nasdaq. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that might cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, Corcept’s ability to respond to the Nasdaq compliance concerns to the Nasdaq’s satisfaction and to achieve compliance with Nasdaq listing standards. These and other risk factors are set forth in the Company’s SEC filings, all of which are available from our website ( www.corcept.com ) or from the SEC’s website ( www.sec.gov ). We disclaim any intention or duty to update any forward-looking statement made in this news release.
Corcept Therapeutics Incorporated
CONTACT: Joseph Belanoff, Chief Executive Officer of Corcept Therapeutics,+1-650-327-3270, or IR@corcept.com
Web site: http://www.corcept.com//
