Tapestry Pharmaceuticals (TPPH) Shares To Be Delisted; Company May File Bankruptcy

April 8, 2008 4:45 PM EDT

Tapestry Pharmaceuticals, Inc. (Nasdaq: TPPH) had received a letter from the Nasdaq Stock Market formally notifying it that Nasdaq has not received Tapestry's Form 10-K for the period ended January 2, 2008, as required by Marketplace Rule 4310(c)(14) and that unless appealed, trading in Tapestry's common stock will be suspended. Tapestry does not intend to appeal this determination. As a result, trading of Tapestry's common stock will be suspended at the opening of business on April 11, 2008 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove our securities from listing and registration on the Nasdaq Stock Market.

Nasdaq has advised Tapestry that Tapestry's common stock will not be immediately eligible to trade on the OTC Bulletin Board or the "Pink Sheets"; however, it may become eligible if a market maker makes application to register in and quote it in accordance with SEC Rule 15c2-11 and such application is cleared. Tapestry is attempting to work out settlements with its creditors at this time, but there is no assurance that Tapestry will be able to avoid bankruptcy.[SM]

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