Memory Pharma regains Nasdaq compliance

22 December 2008

New Jersey, USA-based Memory Pharmaceuticals says that the Nasdaq Listing and Hearing Review Council has determined that the company has demonstrated compliance with the Nasdaq Capital Market requirement for market value of listed securities. As a result, the firm's securities will continue to trade on this pending a determination by the Listing Qualifications Panel regarding its compliance with the minimum bid price requirement.

In October, the Nasdaq temporarily suspended its minimum bid price requirement due to extraordinary market conditions, the drug developer says. As part of this temporary suspension, the Panel granted Memory until February 2, 2009 to regain compliance with the requirement.

Memory is focused on developing innovative drugs for the treatment of debilitating central nervous system disorders, many of which exhibit significant impairment of memory and other cognitive functions, including Alzheimer's disease and schizophrenia.

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