QUEBEC CITY, Jan. 22 /PRNewswire-FirstCall/ - Æterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company"), a late-stage drug development company specialized in oncology and endocrinology, today announced that on January 21, 2010, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market indicating that the minimum closing bid price of its common shares had fallen below US$1.00 for 30 consecutive trading days, and therefore, Æterna Zentaris was not in compliance with NASDAQ Listing Rule 5450(a)(1) (the "Rule"). In accordance with NASDAQ Listing Rule 5810(C)(3)(a), Æterna Zentaris is provided a grace period of 180 calendar days, or until July 20, 2010, to regain compliance with this requirement. The notice has no effect on the listing of Æterna Zentaris' common shares at this time, and its common shares will continue to trade on the NASDAQ under the symbol "AEZS", as well as on the Toronto Stock Exchange under the symbol "AEZ".
Æterna Zentaris can regain compliance with the Rule if the bid price of its common shares closes at US$1.00 or higher for a minimum of ten consecutive business days during the grace period, although NASDAQ may, in its discretion, require the Company to maintain a minimum closing bid price of at least US$1.00 per share for a period in excess of ten consecutive business days before determining that Æterna Zentaris has demonstrated the ability to maintain long-term compliance.
If the Company is unsuccessful in meeting the minimum bid requirement by July 20, 2010, Nasdaq will provide notice to Æterna Zentaris that its common shares will be subject to delisting from the Nasdaq Global Market. If the Company receives a delisting notification, it may appeal to the Listing Qualifications Panel or apply to transfer its common shares to the Nasdaq Capital Market if Æterna Zentaris satisfies at such time all of the initial listing standards on the Nasdaq Capital Market, other than compliance with the minimum closing bid price requirement. If the application to the Nasdaq Capital Market is approved, then the Company will have an additional 180-day grace period in order to regain compliance with the minimum bid price requirement while listed on the Nasdaq Capital Market.
About Æterna Zentaris Inc.
Æterna Zentaris Inc. is a late-stage drug development company specialized in oncology and endocrinology. News releases and additional information are available at www.aezsinc.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except if we are required by a governmental authority or applicable law.
SOURCE AETERNA ZENTARIS INC.