Valentis (VLTS) Receives Nasdaq Additional Staff Determination

February 27, 2007 4:28 PM EST

Valentis, Inc. (Nasdaq: VLTS) received a letter on February 21, 2007 from the Listing Qualifications Department of the Nasdaq Stock Market formally notifying Valentis that it did not regain compliance with the minimum bid price requirement for continued listing under Nasdaq Marketplace Rule 4310(c)(4) during the 180 day grace period provided by Nasdaq and that the Nasdaq Listing Qualifications Panel will consider this matter in rendering a determination regarding Valentis' continued listing on the Nasdaq Capital Market at a hearing before the Panel scheduled for March 1, 2007.

Because Valentis failed to regain compliance with the minimum bid price requirement by February 20, 2007, Nasdaq notified Valentis in the letter dated February 21, 2007, that this matter serves as an additional basis for Nasdaq to delist Valentis' securities from the Nasdaq Capital Market. Valentis will have the opportunity to present its plan of compliance to address this deficiency as well as the other requirements to maintain its listing on the Nasdaq Capital Market at its hearing before the Panel on March 1, 2007.

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