Marshall Edwards, Inc. Receives Nasdaq Notice of Minimum Stockholders' Equity Non-Compliance
May 24 2010 - 8:30AM
Marketwired
Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer
therapeutics, announced today that on May 18, 2010 it received a
notice from Nasdaq indicating that the Company failed to comply
with the minimum stockholders' equity requirement set forth in
Nasdaq Listing Rule 5450(b)(1)(A) for continued listing of its
common stock on the Nasdaq Global Market because the Company's
stockholders' equity as of March 31, 2010 as set forth in their
quarterly report on Form 10-Q for the period ended March 31, 2010
of $9.16 million was below the $10 million minimum stockholders'
equity requirement. The notice also stated that the Company would
be provided 45 calendar days, or until July 2, 2010, to submit a
plan to regain compliance and if the plan is accepted the Company
would be granted an extension of 180 calendar days from May 18,
2010 to regain compliance.
The Company intends to pursue a capital raising transaction
within the time provided by Nasdaq rules if market conditions
permit to further fund development of our two promising product
candidates triphendiol and NV-128. In the alternative, the Company
intends to apply to transfer the listing of its common stock from
the Nasdaq Global Market to the Nasdaq Capital Market. The Company
believes it would be in compliance with the minimum stockholders'
equity requirement and all other criteria that would be applicable
for continued listing on the Nasdaq Capital Market.
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 (ASX: NRT)(NASDAQ:
NVGN), 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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