Nasdaq says Large Scale Biology fails to meet minimum market cap requirements

By Ted A. Knutson

Washington, Nov. 30 - Large Scale Biology Corp. said Wednesday it received notice on Nov. 23 from the staff of the Nasdaq Stock Market that the company does not comply with Nasdaq rules requiring the company to have a minimum of $2.5 million in stockholders' equity or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.

Nasdaq is reviewing the company's eligibility for continued listing on the Nasdaq Capital Market. Large Scale Biology has until Dec. 8 to submit a plan to Nasdaq for achieving compliance with the listing requirements.

On Aug. 24, Nasdaq notified the company that it did not comply with Nasdaq rules after the bid price of the firm's common stock closed below the minimum $1.00 per share requirement for 30 consecutive days.

Nasdaq said the company would be afforded a cure period which would end on Dec. 13.

To try to achieve the minimum price requirement, Large Scale's stockholders and board of directors have approved a reverse stock split.

Based in Vacaville, Calif., Large Scale Biology develops therapeutics and industrial proteins, vaccines and diagnostic products to characterize and treat diseases.

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