TORONTO, Sept. 11, 2008 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Nasdaq:POLXF). The Company has been advised that the Nasdaq Hearings Panel has decided to delist the Company's securities from The Nasdaq Stock Market, and will suspend trading in the Company's shares effective at the open of business on Friday, September 12, 2008.
The basis for this decision is the Company's failure to meet the bid price requirement in Nasdaq Marketplace Rule 4310(c) (4), which requires companies to maintain a minimum bid price of $1.00 for continued listing.
The Company is in the process of evaluating alternative listing or quotation services for its common shares.
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the research, development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry.
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Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may", "could", "might", "expect", "anticipate" or similar words. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities as well as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.