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PDL BioPharma Receives Nasdaq Notice Related to Audit Committee Composition
| Source: PDL BioPharma
INCLINE VILLAGE, NV--(Marketwire - February 18, 2009) - PDL BioPharma, Inc. (PDL) (NASDAQ : PDLI ) today announced that it had received a letter from the Nasdaq Stock
Market notifying the company that it no longer complies with Nasdaq's audit
committee requirements as set forth in Marketplace Rule 4350, which
requires PDL to have an audit committee composed of at least three
independent directors. As a result of the December 2008 spin-off of its
biotechnology operations into Facet Biotech Corporation, three of the seven
directors serving on PDL's board resigned and became directors of Facet,
with the result that PDL was left with only two independent directors
serving on its audit committee.
Nasdaq Marketplace Rule 4350 provides a cure period for restoring
compliance with the audit committee requirements, which cure period extends
until June 16, 2009, unless the 2009 annual stockholder meeting is held
after such date in which case the period extends until the date of such
meeting. During this period, PDL's common stock will continue to trade on
Nasdaq subject to continued compliance with other listing requirements.
PDL is actively seeking additional qualified candidates to serve on its
board of directors, including its audit committee, and fully expects to
regain compliance with the audit committee requirement within the cure
period.
About PDL
PDL BioPharma was a pioneer in the humanization of monoclonal antibodies
and, by doing so, enabled the discovery of a new generation of targeted
treatments for cancer and immunologic diseases. The company is focused on
maximizing the value of its antibody humanization patents and related
assets. For more information, please visit www.pdl.com.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of
PDL BioPharma, Inc.