Genelabs asks to transfer to Nasdaq Capital Market from National Market

New York, Oct. 5 - Genelabs Technologies, Inc. said it has applied to transfer its stock to the Nasdaq Capital Market - previously the Nasdaq SmallCap Market - from the Nasdaq National Market.

The Redwood City, Calif., biopharmaceutical company also disclosed that it has received a staff determination letter from the Nasdaq Stock Market stating that the market value of its listed securities does not comply with rules requiring that the market value of listed securities be at least $50 million.

The letter also stated that the company can regain compliance if the market value of its listed securities is $50 million or more for at least 10 consecutive business days.

Genelabs was given until Oct. 31 to comply.

The company expects the transfer to the Capital Market, if approved, to take one to two weeks. It said it meets the listing requirement for the Capital Market except for the $1.00 minimum closing bid price standard. It would have until March 16, 2006 to meet that rule - and Genelabs said that deadline would give it sufficient time to execute a reverse stock split approved by shareholders on June 14.

On Sept. 26, before the most recent non-compliance letter, Genelabs said it intended to appeal a letter it received from the Nasdaq Stock Market stating its stock is subject to delisting because it had not reached the $1.00 closing bid price threshold.

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