BOULDER, Colo., Dec. 21 /PRNewswire-FirstCall/ -- Tapestry Pharmaceuticals, Inc. (NASDAQ:TPPH) today announced that it received notice on December 18, 2007 from the Nasdaq Stock Market that the minimum bid price of its common stock had fallen below $1.00 for 30 consecutive business days and that Tapestry was therefore not in compliance with Marketplace Rule 4310(c)(4). In accordance with the Nasdaq Marketplace Rule 4310(c)(8)(D), Tapestry has until June 16, 2008, which is 180 calendar days from December 18, 2007, to regain compliance. This notification does not have immediate affect on the listing of the Company's common stock.
Tapestry can regain compliance with the minimum bid price rule if the bid price of its common stock closes at $1.00 or higher for a minimum of ten consecutive business days during the initial 180-day period, although Nasdaq may, in its discretion, require Tapestry to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days (but generally no more than 20 consecutive business days) before determining that Tapestry has demonstrated the ability to maintain long-term compliance. If compliance is not achieved by June 16, 2008, Tapestry will be eligible for an additional 180-day compliance period if it meets the Nasdaq Capital Market initial listing criteria as set forth in Marketplace Rule 4310(c) other than the minimum bid price requirement. If Tapestry is not eligible for an additional compliance period, or does not regain compliance during any additional compliance period, Nasdaq will provide written notice to Tapestry that its securities will be delisted. At such time, Tapestry would be able to appeal the delisting determination to a Nasdaq Listing Qualifications Panel. There can be no assurance that Tapestry will be able to regain compliance with the Nasdaq listing requirements or that its securities will not be delisted from the Nasdaq Capital Market on a basis other than failure to maintain a minimum bid price.
About Tapestry Pharmaceuticals, Inc.
Tapestry Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development of proprietary therapies for the treatment of cancer. Tapestry's lead candidate, TPI 287 is in multiple Phase 2 clinical studies at this time.
For more information about Tapestry and its technologies, visit Tapestry's website at http://www.tapestrypharma.com/.
Contact: Tapestry Pharmaceuticals, Inc. Gordon Link
Senior Vice President, Chief Financial Officer
303-516-8500
Investor: Lilian Stern
Stern Investor Relations, Inc. 212-362-1200
Media: Dana Conti
Schwartz Communications
781-684-0770
DATASOURCE: Tapestry Pharmaceuticals, Inc.
CONTACT: Gordon Link, Senior Vice President, Chief Financial Officer of Tapestry Pharmaceuticals, Inc., +1-303-516-8500, ; or Investor: Lilian Stern of Stern Investor Relations, Inc., +1-212-362-1200, , for Tapestry Pharmaceuticals, Inc.; or Media: Dana Conti of Schwartz Communications, +1-781-684-0770, , for Tapestry Pharmaceuticals, Inc.
Web site: http://www.tapestrypharma.com/
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