WARRINGTON, Pa., Dec. 3, 2010 (GLOBE NEWSWIRE) -- Discovery Laboratories, Inc. (Nasdaq:DSCO), announced today that, on November 30, 2010, the Company received a Staff Determination letter from The Nasdaq Stock Market indicating that the Company has not established compliance with Nasdaq Listing Rule 5550(a)(2) (“Minimum Bid Price Rule”) because the Company’s common stock did not maintain a minimum closing bid price of $1.00 per share over a period of 10 consecutive business days ending on or prior to November 29, 2010. As a result, the Company’s common stock is subject to delisting from The NASDAQ Capital Market® (Nasdaq Capital Market). The Company plans to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination, which request will stay the delisting of the Company’s common stock pending the Panel’s decision. At the hearing, the Company will present a plan for achieving compliance with the Nasdaq listing requirements. There can be no assurance that the Panel will grant the Company’s request for continued listing on the Nasdaq Capital Market.
