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Biotech / Medical : Ore Pharmaceuticals Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (32)	5/29/2009 2:17:04 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 50

Ore Pharmaceuticals gets Nasdaq notice Washington Business Journal The Nasdaq Stock Market has notified Ore Pharmaceuticals Inc. that its stockholders’ equity does not meet the required minimum, the company announced Thursday evening. The notification, received May 21, indicated that Ore’s stockholders’ equity, as reported in the Gaithersburg company’s quarterly report for the period ending March 31, was below the $10 million minimum for inclusion on the Nasdaq Global Market. Earlier this month, Ore reported a $3.1 million loss and no revenue for the first quarter, compared with a $6.9 million loss and $750,000 in revenue during the same quarter last year. The company had $7.1 million in cash and equivalents at the end of March. Ore (NASDAQ: ORXE) has until June 5 to submit a plan for meeting the Nasdaq equity requirement. “The company plans to submit such a plan,” Ore said in Wednesday’s announcement. If the Nasdaq accepts Ore’s plan, the company could be granted up to 105 days to show it is in compliance with the stockholders’equity requirement. Failure to meet that requirement could mean a delisting from the Nasdaq Global Market, although Ore would be able to seek a listing on the Nasdaq Capital Market. Ore is trying to find at least $10 million in financing or a partner to support clinical trials of a compound to treat inflammatory bowel disease.