Metabasis Therapeutics receives notice letter from Nasdaq

Metabasis Therapeutics, Inc. (Nasdaq: MBRX) announced today that on September 15, 2009, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), notifying the Company that based upon the closing bid price of its common stock for the last 30 consecutive business days, the Company did not maintain a minimum closing bid price of $1.00 per share or more that is required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until March 15, 2010, in which to regain compliance. If at anytime during this grace period the closing bid price of the Company’s common stock is $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation of regained compliance.