Nanogen Announces Stock Listing Transfer from NASDAQ Global Market to NASDAQ Capital Market
Nanogen, Inc. (NASDAQ: NGEN), developer of in vitro diagnostic products, received approval from the NASDAQ Listing Qualifications Staff to transfer the listing of its common stock from the NASDAQ Global market to the NASDAQ Capital Market. The transfer is effective as of the Market opening on Tuesday, May 27, 2008.
The NASDAQ Capital Market is one of the three market tier designations for NASDAQ-listed stocks, and presently includes over 550 companies. The NASDAQ Capital Market operates in substantially the same manner as the NASDAQ Global Market. Nanogen's trading symbol will remain "NGEN" and trading of the Company’s stock will be largely unaffected by this change. Securities listed on the NASDAQ Capital Market must satisfy all applicable qualification requirements for NASDAQ securities and all companies listed on the NASDAQ Capital Market must meet certain financial requirements and adhere to NASDAQ’s corporate governance standards. The NASDAQ Capital Market is not related to, nor does it operate similarly to the over-the-counter markets, including the OTCBB and Pink Sheets.
The listing transfer is part of the Company’s action taken in response to a letter received from NASDAQ in November 2007 regarding Nanogen's non-compliance with Marketplace Rule 4405(a)(5), the minimum bid price requirement of $1.00 per share, which is a requirement of NASDAQ to maintain continued listing. Once Nanogen's securities are transferred to the NASDAQ Capital Market, it will have an additional 180 calendar days from the original May 27, 2008 deadline, or until the end of November 2008, to regain compliance with NASDAQ’s minimum bid price requirement of $1.00 per share.
About Nanogen, Inc.
Nanogen, Inc., develops diagnostic products that enable physicians to deliver improved patient care. Its products allow faster and easier diagnosis, treatment and monitoring of cardiovascular disease and a range of infectious diseases. The company’s products include molecular diagnostic kits and reagents, and kits for rapid point-of-care testing. Nanogen has pioneered the development of biomarkers, molecular biology technologies and nanotechnology to bring better results to diagnostics and healthcare. For additional information please visit Nanogen’s website at www.nanogen.com.