Marshall Edwards, Inc. Receives Notice of Compliance With Nasdaq Continued Listing Requirements
April 20 2010 - 9:00AM
Marketwired
Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer
therapeutics, today announced that the Company has received notice
from the Nasdaq Listing Qualifications Panel that it has regained
compliance with the $1.00 minimum closing bid price requirement in
accordance with the Nasdaq Listing Rules for continued listing on
the Nasdaq Global Market.
On March 16, 2010, the Company received written notification
from Nasdaq that unless the Company requested a hearing before the
Nasdaq Listing Qualifications Panel the Company's common stock
would be delisted. On March 23, 2010, the Company requested a
hearing before the Nasdaq Listing Qualifications Panel to address
the minimum bid price deficiency.
At the Special Meeting of the Stockholders of the Company held
on March 29, 2010, a 1-for-10 reverse stock split was approved and
on March 31, 2010 the Company effected the reverse stock split.
Following the reverse stock split, the Company's common stock
traded above the $1.00 minimum bid price required by the Nasdaq
Listing rules for 10 consecutive trading days thus allowing the
Company to regain compliance and remain listed on Nasdaq.
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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