NEW YORK, April 25 Keryx Biopharmaceuticals,Inc. (Nasdaq: KERX) announced today that it has received notice from TheNASDAQ Stock Market ("Nasdaq") stating that the Company is not in compliancewith the $1.00 minimum bid price requirement for continued inclusion on theNasdaq Global Market pursuant to Marketplace Rule 4450 (a)(5). Thisnotification, which was received in a letter dated April 22, 2008, is astandard communication when the bid price of a Nasdaq-listed company closesbelow the minimum $1.00 per share requirement for 30 consecutive businessdays. The letter states that, in accordance with Marketplace Rule 4450(e)(2),the Company will be provided 180 calendar days to regain compliance by havingthe bid price of its common stock close at $1.00 per share or more for aminimum of 10 consecutive business days. The letter has no immediate effecton the listing of the Company's common stock at this time.
The Company plans to apply to transfer its listing to the Nasdaq CapitalMarket. If the Company's application to transfer its listing to the NasdaqCapital Market is approved and the listing is transferred, the Company will besubject to the continued listing requirements of the Nasdaq Capital Marketafter such transfer, and no longer subject to the continued listingrequirements of the Nasdaq Global Market. The Company's common stock willcontinue to trade on the Nasdaq Global Market until the transfer applicationhas been reviewed and approved.
The Company currently meets the requirements for listing on the NasdaqCapital Market, with the exception of the $1.00 minimum closing bid pricerequirement, although the Company cannot provide assurance that in the futureit will continue to meet these requirements. Under the rules of the NasdaqCapital Market, the Company would have an additional 180-calendar daycompliance period through April 17, 2009 to comply with the $1.00 minimumclosing bid price requirement on the Nasdaq Capital Market, provided theCompany otherwise meets the continued listing requirements for the NasdaqCapital Market.
ABOUT KERYX BIOPHARMACEUTICALS, INC.
Keryx Biopharmaceuticals is focused on the acquisition, development andcommercialization of medically important, novel pharmaceutical products forthe treatment of life-threatening diseases, including renal disease andcancer. Keryx is developing Zerenex(TM) (ferric citrate), an oral, iron-basedcompound that has the capacity to bind to phosphate and form non-absorbablecomplexes. Zerenex is currently in Phase 2 clinical development for thetreatment of hyperphosphatemia (elevated phosphate levels) in patients withend-stage renal disease, or ESRD. The Company is also developing KRX-0401(perifosine), a novel, potentially first-in-class, oral anti-cancer agent thatmodulates Akt, a protein in the body associated with tumor survival andgrowth. KRX-0401 also modulates a number of other key signal transductionpathways, including the JNK and MAPK pathways, which are pathways associatedwith programmed cell death, cell growth, cell differentiation and cellsurvival. KRX-0401 is currently in Phase 2 clinical development for multipletumor types. The Company also has an in-licensing and acquisition programdesigned to identify and acquire additional drug candidates. Keryx isheadquartered in New York City.
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For thosestatements, we claim the protection of the safe harbor for forward-lookingstatements contained in the Private Securities Litigation Reform Act of 1995.Among the factors that could cause our actual results to differ materially arethe following: There can be no assurance that the Company will apply forinclusion on the Nasdaq Capital Market, or if so, that the Company'sapplication for inclusion on the Nasdaq Capital M