Genelabs out of compliance with Nasdaq rule, faces possible delisting

By Lisa Kerner

Charlotte, N.C., June 8 - Nasdaq has notified Genelabs Technologies, Inc. that the minimum bid price of its common stock does not meet Nasdaq rules, which require that the minimum bid price for Genelabs' common stock not remain below $1.00 per share for a period of 30 consecutive business days.

The 30-day period ended June 2, the final trading day before Genelabs announced its collaboration with Novartis Institutes for BioMedical Research, Inc. to develop compounds targeting the hepatitis C virus N55b polymerase.

Genelabs can regain compliance if the bid price of its common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days.

The company has until Dec. 4, to regain compliance or its common stock may be delisted from the Nasdaq market. Genelabs' stock has closed at a bid price greater or equal to $1.83 per share on each of the three business days since the company received the Nasdaq notification.

Genelabs is a Redwood City, Calif.-based biopharmaceutical company.

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