Aradigm receives warning on Nasdaq listing

New York, Dec. 1 - Aradigm Corp. said Nasdaq sent it a notice warning that it failed to comply with the $1.00 minimum bid price requirement for continued listing for the 30 consecutive trading days from Oct. 17 to Nov. 28.

The company has 180 days to regain compliance during which time its stock must trade above $1.00 for at least 10 consecutive trading days.

If Aradigm fails that test, it will receive a delisting notice, although that action can be delayed by an appeal to the Nasdaq Listing Qualifications Panel.

"We believe that the company's solid financial position, a full and advancing partnered pipeline and novel near-term commercial opportunities will assist us in regaining compliance with this rule," said Bryan Lawlis, president and chief executive officer of Aradigm, in a news release.

Aradigm is a Hayward, Calif., company developing non-invasive delivery systems to enable patients to comfortably self-administer biopharmaceuticals and small molecules.

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