Genelabs to appeal Nasdaq delisting letter

By Jennifer Chiou

New York, Sept. 26 - Genelabs Technologies, Inc. said it intends to appeal a letter it received from the Nasdaq Stock Market stating its stock is subject to delisting.

The company's stock price is not in compliance with the Nasdaq requirement that the closing bid price be at least $1.00.

Genelabs said it plans to request a hearing at which it will present a plan for continued listing.

If the Nasdaq panel decides to discontinue Genelabs' listing, the company plans to request that its stock trade on the Nasdaq SmallCap Market.

The company has until March 16 to regain compliance.

Redwood City, Calif.-based Genelabs is a biopharmaceutical company. It has a late-stage product for lupus as well as a drug for the hepatitis C virus.

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