Genelabs gets Nasdaq warning on listing

By Elaine Rigoli

Tampa, Fla., April 7 - Genelabs Technologies, Inc. announced that on Tuesday it received a staff deficiency letter from the Nasdaq stating that the company is not in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B), which requires the company to have a minimum of $2.5 million in shareholder equity or a $35 million market value.

The letter further stated that as determined by Nasdaq, Genelabs' shareholders' equity was $2,347,000 at Dec. 31, 2005 and that its market value as of April 3 was $33,675,357.

Nasdaq indicated that its staff is reviewing Genelabs' eligibility for continued listing on the Nasdaq and requested that Genelabs submit a plan to achieve and sustain compliance with listing requirements, according to a news release.

Genelabs said it intends to comply with the Nasdaq request.

In a financial update as of March 31, Genelabs had cash, cash equivalents and restricted cash of about $7.5 million, the release said.

Genelabs is a biopharmaceutical company located in Redwood City, Calif.

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