Genelabs Regains Compliance With Nasdaq Capital Market Listing Requirements
January 09 2006 - 8:15AM
PR Newswire (US)
REDWOOD CITY, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Genelabs
Technologies, Inc. (NASDAQ:GNLBNASDAQ:GNLBD) announced today that
it has received notification from The Nasdaq Stock Market that the
company has regained compliance with the $1.00 per share minimum
closing bid price requirement for continued listing on the Nasdaq
Capital Market, pursuant to Nasdaq Marketplace Rule 4310(c)(4). In
the letter, Nasdaq advised the Company that the matter of the
Company's compliance with that requirement is now closed. About
Genelabs 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
http://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 continued trading of the
company's stock on the Nasdaq Capital Market, compliance with
Nasdaq Capital Market listing requirements and the future of the
company's research and development 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, that Genelabs may not be able to
raise sufficient funds to continue operations; delisting of
Genelabs common stock from the Nasdaq Capital Market; fluctuations
in Genelabs' stock price; failures or setbacks in our HCV research
programs or in our collaboration with Gilead; progress and
announcements by competitors regarding their HCV programs;
regulatory problems or delays regarding Prestara(TM), including an
adverse response from the FDA or a determination to discontinue
development of Prestara; increases in expenses and Genelabs'
capital requirements and history of operating losses. 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 650-562-1424
DATASOURCE: Genelabs Technologies, Inc. CONTACT: Matthew M. Loar,
Chief Financial Officer of Genelabs Technologies, Inc.,
+1-650-562-1424 Web site: http://www.genelabs.com/
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