QUEBEC CITY, May 16, 2012 /PRNewswire/ - Aeterna Zentaris Inc.
(NASDAQ: AEZS) (TSX: AEZ) (the "Company")
announced today that it has received a notice from The NASDAQ
Stock Market indicating that the Company's minimum bid price has
fallen below $1.00 for
30 consecutive business days, and, therefore, was not in
compliance with NASDAQ Marketplace Rule 5450(a)(1). The
Company has been provided 180 calendar days, or until November
12, 2012, to regain compliance with the minimum bid price
requirement. To regain compliance, the closing bid price of the
Company's common stock must be at least $1.00 per share for a minimum of 10
consecutive business days. This notice does not impact the
Company's listing on The NASDAQ Global Market at
this time.
If the Company does not regain compliance within the initial
180-day period, but otherwise meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The NASDAQ Capital Market,
except for the bid price requirement, and the Company provides
NASDAQ with notice of its intention to cure the bid price
deficiency, the NASDAQ rules may permit the Company to transfer to
The NASDAQ Capital Market, which would give the Company an
additional 180 calendar days to regain compliance. If the Company
is not eligible for an additional compliance period, NASDAQ will
notify the Company that its securities are subject to delisting. At
that time, the Company may appeal this determination to delist its
securities to a Listing Qualifications Panel.
The Company intends to monitor the bid price for its securities
between now and November 12, 2012 and
will consider all available options to resolve the deficiency and
regain compliance with the minimum bid price requirement.
About Aeterna Zentaris Inc.
Aeterna Zentaris is an oncology and endocrinology drug
development company currently investigating treatments for various
unmet medical needs. The Company's pipeline encompasses compounds
at all stages of development, from drug discovery through to
marketed products. For more information please visit
www.aezsinc.com.
SOURCE AETERNA ZENTARIS INC.