K-V Pharmaceutical receives NYSE non-compliance notification

K-V Pharmaceutical Company (NYSE: KVa/KVb) announced today that the Company received notification from the New York Stock Exchange ("NYSE") on July 27, 2010 of non-compliance regarding the Company's quantitative continued listing standards.  The NYSE informed the Company that its Class A Common Stock equity issue has fallen below criteria for the average closing price of a NYSE security of not less than $1.00 over a consecutive 30-trading day period. This notification pertains to the Class A Common Stock but also affects the Class B Common Stock.  The NYSE advised the Company that it is required to bring the Class A share price and average share price back above $1.00 within six months of receiving the notification of non-compliance in order to avoid the commencement of suspension and delisting procedures for its common shares. The Company could cure the non-compliance sooner than the end of the six-month period if the trading price of its Class A Common Stock is at least $1.00 per share on the last trading day of a calendar month within the six-month period and the average share price over the 30-trading days preceding the end of that month is at least $1.00 per share.  The NYSE advised the Company that the first such month-end assessment will take place beginning July 31, 2010.  The Class A Common Stock has recently begun to trade at levels above $1.00, with a closing price of $1.07 on July 30, 2010.  The 30-day average of the Class A Common Stock on the last trading day of July did not, however, meet the NYSE 30-day average requirement of trading above $1.00 as of that date.

The Company will furnish to the NYSE on or prior to August 10, 2010 a response affirming its intent to cure this deficiency and outlining the steps it is currently taking and plans to undertake in the near term to restore compliance with the NYSE's continued listing standards.

These steps include ongoing efforts to complete the process of obtaining FDA inspection and approval for products to be manufactured and marketed by the Company, return to current filer status with the U.S. Securities and Exchange Commission, secure financing, divest assets and, subject to FDA approval, prepare for the launch of Gestiva™.  With regards to the Company's delayed March 31, 2010 Form 10-K, the Company had been subject to NYSE procedures for late filers, as previously disclosed on July 8, 2010.

The Company's common stock will continue to be listed on the NYSE during this interim period, subject to ongoing reassessment and compliance with other NYSE requirements.