REDWOOD CITY, Calif., Aug. 9 /PRNewswire-FirstCall/ -- Genelabs Technologies, Inc. announced today that it has received notification from The Nasdaq Stock Market that the Nasdaq Listings Qualifications Panel has determined to grant the request of Genelabs for continued listing on the Nasdaq Capital Market.
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“I am very pleased with the outcome of our hearing,” stated James A.D. Smith, President and Chief Executive Officer. “The favorable decision from the Nasdaq Listing Qualifications Panel means that our securities will continue to trade on Nasdaq, as we had hoped.”
The letter from Nasdaq also noted that, based on the Form 10-Q Genelabs filed for the quarter ended June 30, 2006, Genelabs was in compliance with the shareholders’ equity requirement. The letter further stated that under Nasdaq Marketplace Rule 4806(d)(2), the Nasdaq Listing Qualifications Panel will continue to monitor Genelabs’ compliance with the continued listing standards of the Nasdaq Capital Market for a period of one year. During this one year period, which expires August 3, 2007, if the company fails to comply with the continued listing standards an additional hearing regarding the company’s listing would promptly be scheduled pursuant to Marketplace Rule 4806(a).
About Genelabs Technologies
Genelabs Technologies, Inc. is a biopharmaceutical company focused on the discovery and development of pharmaceutical products to improve human health. We have built drug discovery capabilities that can support various research and development projects. Genelabs is currently concentrating these capabilities on discovering novel compounds that selectively inhibit replication of the hepatitis C virus and advancing preclinical development of compounds from this hepatitis C virus drug discovery program, while also developing a late-stage product for lupus. We believe that these high-risk, potentially high reward programs focus our research and development expertise in areas where we have the opportunity to generate either first-in-class or best-in-class products that will address diseases for which current therapies are inadequate. For more information, please visit www.genelabs.com .
NOTE: Genelabs(R) and the Genelabs logo are registered trademarks and Prestara(TM) is a trademark of Genelabs Technologies, Inc.
NOTE ON FORWARD LOOKING STATEMENTS AND RISKS: This press release contains forward-looking statements including statements regarding the company’s continued listing on Nasdaq, Genelabs’ drug discovery capabilities and advancing preclinical development of compounds from its drug discovery programs. These forward-looking statements are based on Genelabs’ current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from the statements made. Uncertainties and risks include, without limitation, the ability to maintain compliance with the Nasdaq Capital Market continued listing standards; potential development failures or setbacks in our HCV research programs or in our collaborations with Novartis and/or Gilead; progress and announcements by competitors regarding their HCV programs; and regulatory problems or delays regarding Prestara(TM), including an adverse response from the FDA or a determination to discontinue development of Prestara. Please see the information appearing in Genelabs’ filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, under the captions “Risk Factors” and “Forward-Looking Statements” for more discussion regarding these uncertainties and risks and others associated with the company’s research programs, early stage of development and other risks which may affect the company or cause actual results to differ from those included in the forward-looking statements. Genelabs does not undertake any obligation to update these forward-looking statements or risks to reflect events or circumstances after the date of this release.
Contact: Matthew M. Loar
Chief Financial Officer 650-562-1477
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990728/GNLBLOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk, photodesk@prnewswire.comGenelabs Technologies, Inc.
CONTACT: Matthew M. Loar, Chief Financial Officer of GenelabsTechnologies, +1-650-562-1477
Web site: http://www.genelabs.com//
