WARRINGTON, Pa., July 1, 2015 /PRNewswire/ -- Discovery
Laboratories, Inc. (Nasdaq: DSCO) announced today that, on
June 29, 2015, the Company received a
letter from The Nasdaq Stock Market indicating that, because the
Company's common stock has not maintained a minimum closing bid
price of $1.00 per share over the
previous 30 consecutive business days, the Company is no longer in
compliance with Nasdaq's Listing Rule 5550(a)(2) (the "Minimum Bid
Price Requirement"). This notice of noncompliance has no
immediate impact on the continued listing or trading of the
Company's common stock on the Nasdaq Capital Market.
Under the Nasdaq Listing Rules, the Company has 180 calendar
days ("grace period"), or until December 28,
2015, to regain compliance with the Minimum Bid Price
Requirement. If during the grace period, the Company's common
stock achieves a minimum closing bid price of at least $1.00 per share for a period of at least ten
consecutive business days, the Company will regain compliance with
the Minimum Bid Price Requirement and its common stock will
continue to be eligible for listing on the Nasdaq Capital
Market.
If the Company does not achieve compliance with the Minimum Bid
Price Requirement during the grace period, Nasdaq will provide
written notification to the Company that its common stock is
subject to delisting. However, if on the last day of the
grace period, the Company complies with the market value
requirement for continued listing and all other listing standards
for initial listing on the Nasdaq Capital Market, and indicates its
intention to cure its non-compliance with the Minimum Bid Price
Requirement, the Company may be eligible for an additional grace
period through June 27, 2016.
The Company intends to monitor the closing bid price of its
common stock and, if appropriate, consider available options
potentially to regain compliance with the Minimum Bid Price
Requirement under the Nasdaq Listing Rules.
About Discovery Labs
Discovery Laboratories, Inc. is a
specialty biotechnology company focused on developing aerosolized
KL4 surfactant therapies for respiratory diseases.
Surfactants are produced naturally in the lung and are essential
for normal respiratory function and survival. If surfactant
deficiency or degradation occurs, the air sacs in the lungs can
collapse, resulting in severe respiratory diseases and
disorders. Discovery Labs' technology platform includes a
novel synthetic peptide-containing (KL4) surfactant, that is
structurally similar to pulmonary surfactant, and proprietary drug
delivery technologies being developed to enable efficient delivery
of aerosolized KL4 surfactant. Discovery Labs believes that
its proprietary technology platform makes it possible, for the
first time, to develop a significant pipeline of aerosolized
surfactant products to address a variety of respiratory diseases
for which there frequently are few or no approved therapies.
For more information, please visit the Company's website at
www.Discoverylabs.com.
Forward-Looking Statements
To the extent
that statements in this press release are not strictly historical,
all such statements are forward-looking, and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
Examples of such risks and uncertainties include without
limitation: the risk that Discovery Labs will be unable to comply
with the Minimum Bid Price Rule in the initial grace period, or
that Discovery Labs will not be in compliance with other listing
standards for initial listing and, on the last day of the grace
period, fail to qualify for an additional grace period to come into
compliance with the Minimum Bid Price Rule; the risk that, if
Discovery Labs' common stock is delisted from the Nasdaq Capital
Market, the liquidity and value of its common stock will decline;
and other risks and uncertainties described in Discovery Labs'
filings with the Securities and Exchange Commission including the
most recent reports on Forms 10-K, 10-Q and 8‑K, and any amendments
thereto.
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SOURCE Discovery Laboratories, Inc.