Corcept Therapeutics Regains Compliance With NASDAQ Minimum Bid Price Rule
Hearing to Appeal Notice of Non-Compliance With Minimum Stockholders' Equity Scheduled for February 15, 2007
MENLO PARK, CA -- (MARKET WIRE) -- January 16, 2007 -- Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced that it has received notice from the NASDAQ Staff
that it has regained compliance with NASDAQ's $1.00 per share bid price
requirement. This closes the matter which was raised by the staff in a
November 11, 2006 letter in which the Company was notified that it was not
in compliance with this listing requirement.
Separately, the Company has been granted a hearing before the NASDAQ
Listing Qualifications Panel (the "Panel") on February 15, 2007 to request
continued listing, notwithstanding the fact that the Company does not
currently meet the stockholders' equity requirement for continued listing
on The NASDAQ Global Market. The Company intends to present the Panel
with its plan to regain, and thereafter sustain, compliance with the $10
million equity requirement. The Company's stockholders' equity reported
on its Form 10-Q for the period ended September 30, 2006 was $6.98 million.
There can, however, be no assurance that the Panel will grant the Company's
request for continued listing.
Statements made in this news release, other than statements of historical
fact, are forward-looking statements, including, for example, statements
relating to the Company's prospects regarding continued listing on The
NASDAQ Global Market. 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.