Incara Receives Nasdaq Delisting Notice; Company Requests Panel Review
RESEARCH TRIANGLE PARK, N.C., July 29 /PRNewswire-FirstCall/ --
Incara Pharmaceuticals Corporation (Nasdaq: INCR - News) today announced that it received a Nasdaq Staff Determination on July 24, 2002, indicating that Incara fails to comply with the $1.00 minimum bid price requirement for continued listing set forth in Marketplace Rule 4450(a)(5), and that its common stock is, therefore, subject to delisting from the Nasdaq National Market. Incara also does not currently meet the Nasdaq National Market's requirement of $5,000,000 minimum market value for its publicly held shares as set forth in Marketplace Rule 4450(a)(2), or the $4 million minimum net tangible assets requirement set forth in Marketplace Rule 4450(a)(3). Incara has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. Nasdaq stated in the Staff Determination letter that a hearing request will stay the delisting of Incara's securities pending the Panel's decision. At the hearing, Incara intends to present its plan for meeting the requirements for continued Nasdaq listing in order for Incara to remain listed on the Nasdaq National Market or be allowed to move to the Nasdaq SmallCap Market. There can be no assurance the Panel will grant Incara's request for continued listing or allow it to move to the Nasdaq SmallCap Market. Incara is continuing to pursue various financial alternatives.
Incara Pharmaceuticals Corporation (www.incara.com) is focused on disease therapies based on tissue protection, repair and regeneration. The company is developing a series of catalytic antioxidants as treatments for protection of cells from damage occurring in cancer radiation therapy, stroke and for protection of cells from transplant rejection. Incara is also developing liver cell therapy for treatment of liver failure. In addition, in a business venture with Elan Corporation, plc, Incara is conducting a Phase 2/3 multicenter clinical trial for deligoparin, an ultra-low molecular weight heparin being developed for treatment of ulcerative colitis. |
