NASDAQ issues noncompliance letter to Sunesis Pharmaceuticals

Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) reported today that it received a letter, dated September 16, 2009, from the Listing Qualifications Staff (the "Staff") of The NASDAQ Stock Market notifying Sunesis that it does not comply with the minimum $1.00 per share requirement for continued listing on The NASDAQ Capital Market set forth in NASDAQ Listing Rule 5550(a)(2). The notice further provides that, pursuant to Listing Rule 5810(c)(3)(A), if, at any time before March 15, 2010, the bid price for Sunesis' common stock closes at $1.00 or more for the minimum 10 consecutive business days required, the Staff will provide written confirmation to Sunesis that it complies with Listing Rule 5550(a)(2), unless the Staff exercises its discretion to extend this 10 day period pursuant to Listing Rule 5810(c)(3)(F).

The NASDAQ notice does not impact Sunesis' listing on The NASDAQ Capital Market at this time and Sunesis will continue to trade under the symbol "SNSS."

If Sunesis does not demonstrate compliance with Listing Rule 5550(a)(2) by March 15, 2010, the Staff will determine whether Sunesis meets The NASDAQ Capital Market initial listing criteria set forth in Listing Rule 5505, except for the $1.00 per share bid price requirement. If Sunesis meets the initial listing criteria, the Staff will notify Sunesis that it has been granted an additional 180 calendar day compliance period. If Sunesis is not eligible for an additional compliance period, the Staff will notify Sunesis that its common stock will be delisted. At that time, Sunesis may appeal to the NASDAQ Listing Qualifications Panel ("Panel"), and Sunesis would remain listed pending the Panel's decision. Sunesis cannot provide any assurance that the Panel will allow Sunesis to remain listed in the event of any appeal.


The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
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