Monogram Receives NASDAQ Notification
October 03 2008 - 4:30PM
PR Newswire (US)
SOUTH SAN FRANCISCO, Calif., Oct. 3 /PRNewswire-FirstCall/ --
Monogram Biosciences, Inc. (NASDAQ:MGRM) today announced that it
received a staff deficiency letter from the Nasdaq Stock Market
dated October 1, 2008 indicating that, for the previous 30
consecutive business days, the bid price of Monogram's common stock
has closed below the minimum $1.00 per share requirement for
continued listing under Nasdaq rules. The letter stated that under
Nasdaq rules, Monogram will be provided with 180 calendar days, or
until March 30, 2009, to regain compliance with these rules. To
regain compliance, the bid price of Monogram's common stock must
close at $1.00 per share or more for a minimum of 10 consecutive
business days, anytime before March 30, 2009. Additional detail
regarding the relevant Nasdaq rules as they relate to Monogram's
common stock will be included in the Company's filing on Form 8-K
dated October 3, 2008. "We continue to make progress in both our
HIV and Oncology programs," said William Young, Monogram chief
executive officer. "Our revenues have been at record levels in the
first half of this year and we expect revenues to be greater than
$60 million for the year, growth of over 40% over 2007. We expect
further revenue growth in 2009 both from Trofile(TM), our patient
selection assay for the CCR5 antagonist class of HIV drugs, and
from HERmark(TM), our recently launched breast cancer assay." "Our
stockholders have previously authorized a reverse split of our
common stock, to be implemented by the board of directors at any
time prior to this year's annual stockholders meeting," added
Young. "We continue to evaluate the appropriate circumstances for
implementation of one of the authorized reverse split ratios."
About Monogram Monogram is advancing individualized medicine by
discovering, developing and marketing innovative products to guide
and improve treatment of serious infectious diseases and cancer.
The Company's products are designed to help doctors optimize
treatment regimens for their patients that lead to better outcomes
and reduced costs. The Company's technology is also being used by
numerous biopharmaceutical companies to develop new and improved
anti-viral therapeutics and vaccines as well as targeted cancer
therapeutics. More information about the Company and its technology
can be found on its web site at http://www.monogrambio.com/.
Forward Looking Statements Certain statements in this press release
are forward-looking, including statements regarding our compliance
with Nasdaq listing requirements, potential proceedings to delist
our common stock from Nasdaq, the demand and outlook for our
products, including our Trofile and HERmark assays, our projected
revenues and a potential reverse split of our common stock. These
forward-looking statements are subject to risks and uncertainties
and other factors, which may cause actual results to differ
materially from the anticipated results or other expectations
expressed in such forward-looking statements. These risks and
uncertainties include, but are not limited to: risks and
uncertainties relating to the performance and acceptance of our
products; the growth in revenues; the size, timing and success or
failure of any clinical trials for CCR5 inhibitors, entry
inhibitors or integrase inhibitors; the risk that our VeraTag
assays, including HERmark, may not predict response to particular
therapeutic agents; the risk that we may not be able to obtain
additional cohorts of patient samples for additional VeraTag
studies, our ability to successfully conduct clinical studies and
the results obtained from those studies; whether larger
confirmatory clinical studies will confirm the results of initial
studies; our ability to establish reliable, high-volume operations
at commercially reasonable costs; expected reliance on a few
customers for the majority of our revenues; the annual renewal of
certain customer agreements; actual market acceptance of our
products and adoption of our technological approach and products by
pharmaceutical and biotechnology companies; our estimate of the
size of our markets; our estimates of the levels of demand for our
products; the impact of competition; the timing and ultimate size
of pharmaceutical company clinical trials; whether payers will
authorize reimbursement for our products and services and the
amount of such reimbursement that may be allowed; whether the FDA
or any other agency will decide to further regulate our products or
services, including Trofile; whether existing levels of
reimbursement will be reviewed and reduced by third party payers,
including Medicare; whether the draft guidance on Multivariate
Index Assays issued by the FDA will be subsequently determined to
apply to our current or planned products; whether we will encounter
problems or delays in automating our processes; the ultimate
validity and enforceability of our patent applications and patents;
the possible infringement of the intellectual property of others;
whether licenses to third party technology will be available;
whether we are able to build brand loyalty and expand revenues;
restrictions on the conduct of our business imposed by the Pfizer,
G.E. and other debt agreements; the impact of additional dilution
if our convertible debt is converted to equity; and whether we will
be able to raise sufficient capital in the future, if required. For
a discussion of other factors that may cause actual events to
differ from those projected, please refer to our most recent annual
report on Form 10-K and quarterly reports on Form 10-Q, as well as
other subsequent filings with the Securities and Exchange
Commission. We do not undertake, and specifically disclaim any
obligation, to revise any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements. HERmark and Trofile are
trademarks of Monogram Biosciences, Inc. contacts: Alfred G.
Merriweather Jeremiah Hall Chief Financial Officer Feinstein Kean
Healthcare Tel: 650 624-4576 Tel: 415 677-2700 amerriweather@
jeremiah.hall@ monogrambio.com fkhealth.com DATASOURCE: Monogram
Biosciences, Inc. CONTACT: Alfred G. Merriweather, Chief Financial
Officer of Monogram Biosciences, Inc., +1-650-624-4576, ; or
Jeremiah Hall of Feinstein Kean Healthcare, +1-415-677-2700, Web
site: http://www.monogrambio.com/
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