Nasdaq Stock Market issues deficiency letter regarding bid price to Ore Pharmaceuticals

Ore Pharmaceuticals Inc. (“Ore”) announced today the receipt of a written notice from the Nasdaq Stock Market ("Nasdaq") stating that for the previous 30 consecutive business days, the bid price of Ore’s listed securities had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market pursuant to Marketplace Rule 5550(a)(2).

Pursuant to Marketplace Rule 5810(c)(3)(A), Ore has a grace period of 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price requirement. In order to regain compliance, the bid price of Ore’s listed securities must close at $1.00 per share or more for a minimum of ten consecutive business days during the grace period. If compliance with Marketplace Rule 5550(a)(2) cannot be demonstrated by March 15, 2010, then the Nasdaq staff will provide written notification to the Company that its securities will be delisted. At that time, the Company will be permitted to appeal Nasdaq’s determination to a Hearings Panel. Alternatively, the Company may be eligible for an additional grace period if, on the 180th day of the grace period, it meets the initial listing standards, with the exception of bid price, for The Nasdaq Capital Market. If the Company meets such initial listing criteria, the Nasdaq staff will notify the Company that it has been granted an additional 180 calendar day compliance period.

Ore will attempt to regain compliance with Marketplace Rule 5550(a)(2), although there can be no assurance that it will be able to do so.