Valentis (VLTS) Receives Non-Compliance Notification from NASDAQ

November 28, 2006 4:20 PM EST

Valentis, Inc. (Nasdaq: VLTS) has received a letter on November 21, 2006 from the Listing Qualifications Department of the Nasdaq Stock Market indicating that Valentis is not in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B) because Valentis does not have (i) a minimum of $2,500,000 in stockholders' equity, (ii) a $35,000,000 market value of securities quoted on a Nasdaq market or listed on a national securities exchange, or (iii) $500,000 of net income from continuing operations for the most recently completed fiscal year or for two of the three most recently completed fiscal years.

Nasdaq further indicated that, in light of the circumstances noted above, it is reviewing Valentis' eligibility for continued listing on the Nasdaq Capital Market.

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