Genelabs to transfer stock listing to Nasdaq Capital Market from Nasdaq National Market

By Jennifer Chiou

New York, Oct. 12 - Genelabs Technologies, Inc. announced Nasdaq approved its application to transfer its stock listing to the Nasdaq Capital Market from the Nasdaq National Market.

Genelabs stock will continue to trade under "GNLB" until the transfer is effective, expected on Thursday.

With the transfer, the company will be required to comply with the listing requirements of the Nasdaq Capital Market - formerly known as the Nasdaq SmallCap Market.

Previously, Genelabs received notification from Nasdaq that it was not in compliance with the $1.00 closing bid price requirement and the $50 million market capitalization requirement of the Nasdaq National Market.

Genelabs has a grace period through March 16, 2006 to comply with the $1.00 minimum closing bid price requirement of the Nasdaq Capital Market, providing the company with time for a reverse stock split shareholders approved on June 14.

Based in Redwood City, Calif., Genelabs is a biopharmaceutical company focused on a late-stage product for lupus and the hepatitis C virus.

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