Corcept Therapeutics Receives NASDAQ Notice of Non-Compliance
Company Appeals to NASDAQ Listing Qualifications Panel
MENLO PARK, CA -- (MARKET WIRE) -- December 27, 2006 -- Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced that it has received a NASDAQ Staff Determination in
response to the Company's December 4, 2006 submission of a plan to regain
compliance with NASDAQ Marketplace Rule 4450(a)(3), which requires the
Company to have a minimum of $10,000,000 in stockholders' equity. The
Company's stockholders' equity reported on its Form 10-Q for the period
ended September 30, 2006 was $6.98 million. The NASDAQ letter indicated
that the Staff determined not to accept the Company's plan of compliance
and that, therefore, the Company's common stock would be subject to
delisting unless the Company requested a hearing before a NASDAQ Listing
Qualifications Panel (the "Panel"). On December 27, 2006, the Company
requested a hearing before the Panel. As a result, the Company's common
stock will remain listed on The NASDAQ Global Market at least until the
Panel issues its decision following the hearing. Consistent with the NASDAQ
rules, the Company expects that the hearing will be scheduled to occur
within the next 45 days.
Statements made in this news release, other than statements of historical
fact, are forward-looking statements, including, for example, statements
relating to when and if a hearing to review the NASDAQ Staff determination
will occur or whether the appeal will be successful. Forward-looking
statements are subject to a number of known and unknown risks and
uncertainties that might cause actual results to differ materially from
those expressed or implied by such statements, including, without
limitation, Corcept's ability to respond to the NASDAQ compliance concerns
to the NASDAQ's satisfaction and to achieve compliance with NASDAQ Global
Market listing standards. These and other risk factors are set forth in
the Company's SEC filings, all of which are available from our website
(www.corcept.com) or from the SEC's website (www.sec.gov). We disclaim any
intention or duty to update any forward-looking statement made in this news
release.