Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced that it has received notice from the Nasdaq Listing Qualifications staff of the Nasdaq Stock Market that Idera is not in compliance with the minimum market value requirement for continued listing on The Nasdaq Global Market (the “MVLS requirement”) because the aggregate market value of Idera’s common stock was below $50 million for 30 consecutive business days (pursuant to Listing Rule 5450(b)(2)(A)).
The notification has no impact at this time on the listing of Idera's common stock on The Nasdaq Stock Market and Idera's common stock will continue to trade on The Nasdaq Global Market under the symbol "IDRA". The Company has been provided a period of 180 calendar days, or until December 4, 2012, to regain compliance with the MVLS requirement. Idera can regain compliance if the aggregate market value of Idera’s common stock closes at $50 million or higher for a minimum of 10 consecutive business days at any time prior to December 4, 2012.
The Nasdaq Stock Market has advised the Company that, if the Company does not regain compliance by December 4, 2012, Nasdaq will provide written notification to Idera that its common stock is subject to delisting from the Nasdaq Global Market. Prior to December 4, 2012, the Company may apply to transfer the listing of its common stock to The Nasdaq Capital Market, provided it satisfies the requirements for continued listing on that market.
About Idera Pharmaceuticals, Inc.Idera Pharmaceuticals applies its proprietary Toll-like receptor (TLR) drug discovery platform to create immunomodulatory drug candidates and has clinical development programs in autoimmune diseases and cancer. Additionally, Idera has a collaboration with Merck & Co. for the use of TLR-targeted candidates as vaccine adjuvants. The Company is also advancing its gene-silencing oligonucleotide (GSO) technology for the purpose of inhibiting the expression of disease-promoting genes. For more information, visit http://www.iderapharma.com. Forward Looking Statements