SAN DIEGO, Sept. 22 Favrille, Inc.(Nasdaq: FVRL) today announced that, on September 16, 2008, it received astaff determination letter from The Nasdaq Stock Market ("Nasdaq") formallynotifying the Company that it had not maintained a minimum $10,000,000stockholders' equity nor submitted a sufficient plan to obtain compliance asrequired for continued listing on the Nasdaq Global Market under MarketplaceRule 4450(a)(3). Unless the Company appeals the determination and requests aformal hearing with the Nasdaq Listing Qualifications Panel, trading of theCompany's common stock on the Nasdaq Global Market will be suspended at theopening of business on September 25, 2008 and a Form 25-NSE will be filed withthe Securities and Exchange Commission ("SEC") which will remove the Company'scommon stock from listing and registration on Nasdaq. The Company does notcurrently plan to appeal the staff determination. If the Company does notappeal the staff determination, its common stock may not be immediatelyeligible to trade on the OTC Bulletin Boards or the "Pink Sheets." TheCompany's common stock may become eligible to trade on the OTC Bulletin Boardsor the "Pink Sheets" if a market maker makes an application to register in andquote the common stock in accordance with SEC Rule 15c2-11 and suchapplication (a "Form 211") is cleared. Only a market maker may file aForm 211. It is the Company's goal to have its common stock listed on the OTCBulletin Boards. The Company is currently in discussions with a market makerto submit the Form 211 application on its behalf.
About Favrille, Inc.
Favrille, Inc. is a biopharmaceutical company focused on the developmentand commercialization of targeted immunotherapies for the treatment of cancerand other diseases of the immune system.
Statements in this press release that are not strictly historical innature constitute "forward-looking statements." Such statements include, butare not limited to, references to Favrille's listing or delisting from theNasdaq Global Market, any appeal of the Nasdaq delisting determination, thetrading of Favrille's common stock on the OTC Bulletin Boards or the "PinkSheets," Favrille's product candidates, proprietary technologies and researchand clinical development programs. Such forward-looking statements involveknown and unknown risks, uncertainties and other factors that may causeFavrille's actual results to be materially different from historical resultsor from any results expressed or implied by such forward-looking statements.These factors include, but are not limited to, risks and uncertainties relatedto Favrille's listing status and potential delisting of Favrille's commonstock from The Nasdaq Global Market, the possibility that no market maker willseek to register in and quote Favrille's common stock on the OTC BulletinBoards or the "Pink Sheets," Favrille's ability to continue its operations,conserve cash or recognize value on its assets and additional risks discussedin Favrille's filings with the Securities and Exchange Commission. Allforward-looking statements are qualified in their entirety by this cautionarystatement. Favrille is providing this information as of the date of thisrelease and, except as required by law, does not undertake any obligation toupdate any forward-looking statements contained in this release as a result ofnew information, future events or otherwise.
SOURCE Favrille, Inc.