VIA Pharmaceuticals, Inc. (Nasdaq: VIAP), a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease, today announced that on September 15, 2009, it received a deficiency letter from the NASDAQ Stock Market stating that the Company is not in compliance with the minimum $1.00 per share bid price requirement for continued listing, as set forth in Listing Rule 5550(a)(2), and that the Company's securities are, therefore, subject to delisting from The NASDAQ Capital Market.
The Company has a period of 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price listing requirement. If at any time during this grace period the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, the Company will receive written notification of its compliance with the minimum bid price listing requirement. In the event the Company does not regain compliance prior to the expiration of the grace period, the Company will receive written notification that its securities are subject to delisting. In such event, the Company may appeal NASDAQ's determination to a NASDAQ Listing Qualifications Panel (the "Panel"), which request will stay the delisting of the Company's securities pending the Panel's decision.
Additionally, the Company has had a hearing with the Panel regarding its failure to meet capitalization requirements for continued listing and is awaiting a decision from the Panel. There can be no assurance that the Company will regain compliance with the minimum bid price listing or capitalization requirements and maintain its NASDAQ listing.
