VIA Pharmaceuticals, Inc. (VIAP) Receives Non-Compliance Notification From NASDAQ
VIA Pharmaceuticals, Inc. (Nasdaq: VIAP) received a deficiency letter from The NASDAQ Stock Market notifying the Company of its failure to regain compliance with the board independence requirements, as set forth in Listing Rules 5605(b)(1) and 5605(c)(2)(A), respectively, and that the Company's securities are, therefore, subject to delisting from The NASDAQ Capital Market. The Company had previously announced that due to the passing of Richard L. Anderson, who served as an independent director on the Company's Board of Directors and as a member of the Audit Committee, Compensation Committee and Nominating and Governance Committee, the Company no longer complied with the Independence Rules.
The Company was given until September 17, 2009 to regain compliance with these requirements. The Company will present its written views with respect to this deficiency to the NASDAQ Listing Qualifications Panel (the "Panel") by September 30, 2009.
The Company has had a hearing with the Panel and presented its plan of compliance with respect to its failure to satisfy the Independence Rules, as well as its plan to satisfy NASDAQ's minimum $2.5 million stockholders' equity and $1.00 minimum bid price requirements for continued listing. The Company is awaiting a decision from the Panel. There can be no assurance that the Company will be able to achieve or sustain the requirements under the NASDAQ Listing Rules to insure that it will maintain its NASDAQ listing.[SM]
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