Xcyte gets Nasdaq delisting notice, to request hearing

By Jennifer Chiou

New York, Dec. 12 - Xcyte Therapies, Inc. announced it received notice from The Nasdaq Stock Market stating its stock will be delisted on Dec. 15 unless it requests a hearing for compliance with Nasdaq's' minimum bid price rule.

According to Nasdaq listing requirements, the company's minimum bid price must remain above $1.00.

The company said it intends to request a hearing with a Nasdaq listing qualifications panel.

On June 6, 2005, Nasdaq first notified the Seattle biotechnology company that its stock had closed below the minimum bid price for 30 consecutive business days. The company had received until Dec. 5 or 180 calendar days to regain compliance.

If Xcyte's stock is delisted, its 6% convertible exchangeable preferred stock will also be delisted unless the preferreds separately meet all minimum listing requirements at that time, the company said in a release.

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