SAN DIEGO, July 15 Favrille, Inc. (Nasdaq: FVRL)today announced that it has received Nasdaq staff deficiency letters datedJuly 9, 2008 indicating that, for the last 30 consecutive trading days,(i) the closing bid price for Favrille's common stock has been below theminimum $1.00 per share requirement and (ii) Favrille has not maintained the$5,000,000 minimum market value of publicly held shares as required forcontinued inclusion on the Nasdaq Global Market under Marketplace Rules4450(a)(5) and (2), respectively. In accordance with Marketplace Rule4450(e)(1), Favrille has 90 calendar days, or until October 7, 2008, to regaincompliance with the $5,000,000 minimum market value requirement. In accordancewith Marketplace Rule 4450(e)(2), Favrille has 180 calendar days, or untilJanuary 5, 2009, to regain compliance with the minimum $1.00 per sharerequirement. If Favrille does not regain compliance with either of the aboveMarketplace Rules within the applicable required timeframes, Nasdaq willprovide written notification that Favrille's common stock will be delisted,after which Favrille may appeal the staff determination to the Nasdaq ListingQualifications Panel if it so chooses.
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 product candidates, proprietarytechnologies and research and clinical development programs. Such forward-looking statements involve known and unknown risks, uncertainties and otherfactors that may cause Favrille's actual results to be materially differentfrom historical results or from any results expressed or implied by suchforward-looking statements. These factors include, but are not limited to,risks and uncertainties related to Favrille's listing status and potentialdelisting of Favrille's common stock from The Nasdaq Global Market, Favrille'sability to continue its operations, conserve cash or recognize value on ourassets and additional risks discussed in Favrille's filings with theSecurities and Exchange Commission. All forward-looking statements arequalified in their entirety by this cautionary statement. Favrille isproviding this information as of the date of this release and, except asrequired by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information,future events or otherwise.
SOURCE Favrille, Inc.