Marshall Edwards, Inc. Receives Nasdaq Staff Determination
March 19 2010 - 8:00AM
Marketwired
Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer
therapeutics, announced today that on March 16, 2010, it received
written notification (the "Staff Determination") from The Nasdaq
Stock Market, Inc. ("Nasdaq") that, based upon the Company's
failure to regain compliance with the $1.00 per share minimum bid
price requirement set forth in Nasdaq Listing Rule 5450(a)(1) by
March 15, 2010, the Company's common stock is subject to delisting
at the opening of business on March 25, 2010, unless the Company
requests a hearing before a Nasdaq Listing Qualifications Panel on
or before 4:00 p.m. Eastern Time on March 23, 2010. The Company
intends to request a hearing before the Nasdaq Listing
Qualifications Panel to address the minimum bid price deficiency
before 4:00 p.m. Eastern Time on March 23, 2010, which request will
stay any action with respect to the Staff Determination until the
Nasdaq Listing Qualifications Panel renders a decision subsequent
to the hearing. However, there can be no assurance that Nasdaq will
grant the Company's request for continued listing.
As previously announced on September 22, 2009 by the Company, it
received a notice from Nasdaq on September 16, 2009 indicating that
the Company failed to comply with the minimum bid price requirement
because the bid price of its common stock closed under $1.00 per
share for 30 consecutive business days. The notice also stated
that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company would be provided 180 calendar days, or until March 15,
2010, to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's common
stock had to remain at or above $1.00 per share for a minimum of 10
consecutive business days prior to the market close on March 15,
2010. The Company did not regain compliance with the $1.00 minimum
bid price requirement by such time, which resulted in the issuance
of the Staff Determination.
On February 9, 2010, the Company announced that its Board of
Directors has approved a reverse stock split of the Company's
common stock. The Board's decision is intended to ensure that
Marshall Edwards is in full compliance with Nasdaq's listing rules.
The reverse stock split is subject to stockholder approval at the
Special Meeting of the Stockholders scheduled to be held on March
29, 2010.
About Marshall Edwards, Inc.
Marshall Edwards, Inc. is a specialist oncology company focused
on the clinical development of novel anti-cancer therapeutics.
These derive from a flavonoid technology platform, which has
generated a number of novel compounds characterized by broad
ranging activity against a range of cancer cell types with few side
effects. The combination of anti-tumor cell activity and low
toxicity is believed to be a result of the ability of these
compounds to target an enzyme present in the cell membrane of
cancer cells, thereby inhibiting the production of pro-survival
proteins within the cell. Marshall Edwards has licensed rights from
Novogen Limited (ASX: NRT) (NASDAQ: NVGN) to bring four oncology
drugs -- phenoxodiol, triphendiol NV-143 and NV-128 -- to market
globally.
Marshall Edwards is majority owned by Novogen, an Australian
biotechnology company that is specializing in the development of
therapeutics based on a flavonoid technology platform. Novogen is
developing a range of therapeutics across the fields of oncology,
cardiovascular disease and inflammatory diseases. More information
on phenoxodiol and on the Novogen group of companies can be found
at www.marshalledwardsinc.com and www.novogen.com.
Under U.S. law, a new drug cannot be marketed until it has been
investigated in clinical trials and approved by the FDA as being
safe and effective for the intended use. Statements included in
this press release that are not historical in nature are
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. You should be aware that our actual results could differ
materially from those contained in the forward-looking statements,
which are based on management's current expectations and are
subject to a number of risks and uncertainties, including, but not
limited to, our failure to successfully commercialize our product
candidates; costs and delays in the development and/or FDA
approval, or the failure to obtain such approval, of our product
candidates; uncertainties in clinical trial results; our inability
to maintain or enter into, and the risks resulting from our
dependence upon, collaboration or contractual arrangements
necessary for the development, manufacture, commercialization,
marketing, sales and distribution of any products; competitive
factors; our inability to protect our patents or proprietary rights
and obtain necessary rights to third party patents and intellectual
property to operate our business; our inability to operate our
business without infringing the patents and proprietary rights of
others; general economic conditions; the failure of any products to
gain market acceptance; our inability to obtain any additional
required financing; technological changes; government regulation;
changes in industry practice; and one-time events. We do not intend
to update any of these factors or to publicly announce the results
of any revisions to these forward-looking statements.
CONTACTS: Warren Lancaster +1-203-966-2556 (USA) Email Contact
David Sheon +1 202 547-2880 (USA) Email Contact
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