Avalon Pharmaceuticals (AVRX) Common Stock to be Suspended From Trading
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Avalon Pharmaceuticals, Inc. (Nasdaq: AVRX) received a Staff Determination letter from The Nasdaq Stock Market indicating that Avalon fails to comply with Nasdaq Marketplace Rule 4450(a)(3) because the Company's stockholders' equity, as reported in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2008, did not meet the minimum of $10 million required for continued listing on The Nasdaq Global Market.
As a result, Avalon's common stock will be suspended from trading on the Nasdaq Global Market at the opening of business on March 23, 2009 and removed from listing and registration on the Nasdaq Global Market unless Avalon appeals the Nasdaq Staff's determination and requests a hearing before a Nasdaq Listing Qualifications Panel no later than 4 p.m. Eastern Time on March 19, 2009. Avalon intends to appeal the Nasdaq Staff's determination and request a hearing before a Nasdaq Listing Qualifications Panel.
Avalon Pharmaceuticals, Inc., a biopharmaceutical company, engages in the discovery and development of cancer therapeutics using AvalonRx technology in the United States.[SM]
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