SAN CARLOS, Calif., May 2 Nuvelo, Inc.(Nasdaq: NUVO) today announced that it received a staff deficiency letter fromthe Nasdaq Stock Market on May 1, 2008 indicating that, for the last 30consecutive business days, the bid price of Nuvelo's common stock has closedbelow the minimum $1.00 per share requirement for continued listing underMarketplace Rule 4450(a)(5).
The letter stated that under Marketplace Rule 4450(e)(2), Nuvelo will beprovided with 180 calendar days, or until October 28, 2008, to regaincompliance with Marketplace Rule 4450(a)(5). To regain compliance, the bidprice of Nuvelo's common stock must close at $1.00 per share or more for aminimum of 10 consecutive business days, anytime before October 28, 2008.
If Nuvelo does not regain compliance with Marketplace Rule 4450(a)(5) byOctober 28, 2008, but meets The Nasdaq Capital Market initial inclusioncriteria set forth in Marketplace Rule 4310(c), except for the bid pricerequirement, it may apply to transfer the listing of its securities to thismarket and, if accepted, be provided with an additional 180 calendar daycompliance period to demonstrate compliance. If Nuvelo is not eligible for anadditional compliance period at that time, Nasdaq Staff will provide writtennotification that Nuvelo securities will be delisted. Upon such notice, Nuvelomay appeal the Nasdaq Staff's Determination to the Nasdaq ListingQualifications Panel. There can be no assurance that, if Nuvelo does appealthe Nasdaq Staff's Determination, that such appeal would be successful.
Nuvelo, Inc. is dedicated to improving the lives of patients through thediscovery, development and commercialization of novel drugs for acutecardiovascular disease, cancer and other debilitating medical conditions.Nuvelo's development pipeline includes NU172, a direct thrombin inhibitor inPhase 1 development for use as a potential short-acting anticoagulant duringmedical or surgical procedures; and preclinical candidate NU206, a Wnt pathwaymodulator for the potential treatment of chemotherapy/radiationtherapy-induced mucositis and inflammatory bowel disease. In addition, Nuvelois pursuing research programs in leukemia and lymphoma therapeutic antibodiesand Wnt signaling pathway therapeutics to further expand its pipeline andcreate additional partnering and licensing opportunities.
Information about Nuvelo is available at our website athttp://www.nuvelo.com or by phoning 650-517-8000.
This press release contains "forward-looking statements," which includestatements regarding Nuvelo's compliance with Nasdaq listing requirements,potential proceedings to delist Nuvelo common stock from Nasdaq and thepotential benefits that patients may experience from the use of our clinicalstage compounds, which statements are hereby identified as "forward-lookingstatements" for purposes of the safe harbor provided by the Private SecuritiesLitigation Reform Act of 1995. Such statements are based on our management'scurrent expectations and involve risks and uncertainties. Actual results andperformance could differ materially from those projected in theforward-looking statements as a result of many factors, including, withoutlimitation, uncertainties relating to drug discovery and the regulatoryapproval process; clinical development processes; enrollment rates forpatients in our clinical trials; changes in relationships with strategicpartners and dependence upon strategic partners for the performance ofcritical activities under collaborative agreements; stock market conditions;the impact of competitive products and technological changes; anduncertainties relating to our ability to obtain funding. These and otherfactors are identified and described in more detail in Nuvelo's filings withthe SEC, including without limitation Nuvelo's annual report on Form 10-K forthe year ended December 31, 2007 and subsequent filings. We disc