>.Paradigm Genetics, Inc. (Nasdaq: PDGM - News) today announced that it has received notice from The Nasdaq Stock Market, Inc. that the company's common stock is now in compliance with the $1.00 minimum closing bid price requirement, pursuant to Marketplace Rule 4450(a)(5). As Paradigm has remained in compliance with all other listing criteria, the company's stock will continue to be listed on the Nasdaq National Market.
"Today, we have added a critical chapter to Paradigm's turnaround story," said Philip R. Alfano, Vice President, Finance, and Chief Financial Officer. "We have diligently and consistently executed on our corporate strategy, and the marketplace has responded. Now we can more fully focus on building greater value in the company. We appreciate the support from Nasdaq as we overcame the temporary decline in our stock price, which had fallen below the minimum bid price requirement."
In April, Paradigm received notification from Nasdaq granting the company an extension until July 3, 2003 to re-establish compliance with the Nasdaq National Market's minimum bid price requirement. Since then, Paradigm has continued to make progress in its strategy of expanding its agricultural customer base and building its human health business. Highlights include an $8.4 million addition to the company's $23.8 million contract with the National Institute of Environmental Health Sciences; the announced improvement in cash flow for first quarter 2003 as compared to first quarter 2002; the issuance of a U.S. patent for its proprietary TAG-KO(TM) technology; the announcement of the entrance of genes analyzed and confirmed as "hits" by the company into Monsanto Company's corn and soybean research-and-development testing; and significant personnel appointments in its human health business.<<
snip
Cheers, Tuck |
