Metabasis Therapeutics, Inc. (Nasdaq:MBRX) announced today that on September 4, 2009 it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market (the “Staff”) notifying the Company that it did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing, set forth in Listing Rule 5550(b), prior to the expiration of the extension for such compliance granted by the Staff on June 25, 2009, and that as a result, unless the Company requests an appeal of the Staff’s delisting determination, trading of the Company’s common stock on the Nasdaq Capital Market will be suspended at the opening of business on September 15, 2009. Metabasis initially received notification from the Staff of its noncompliance with the minimum $2,500,000 stockholders' equity requirement for continued listing on May 21, 2009. The Company plans to request a hearing before the Nasdaq Listing Qualifications Panel to appeal the Staff determination to delist the Company's common stock. The request for a hearing will stay the Staff determination to delist the Company's common stock until the Nasdaq Listing Qualifications Panel renders a determination following the hearing. The hearing is expected to be scheduled within 30 to 45 days of the Company's request, which the Company will submit on or about September 10, 2009.
There can be no assurances that the Nasdaq Listing Qualifications Panel will grant the Company's request for continued listing on The Nasdaq Capital Market, in which case the Company's common stock could be delisted from The Nasdaq Stock Market.