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Vitex Receives Extension from NASDAQ Relating to Minimum Stockholders` Equity Listing Requirement
February 22, 2005 07:00:47 (ET)
WATERTOWN, Mass., Feb 22, 2005 /PRNewswire-FirstCall via COMTEX/ -- V.I. Technologies, Inc. (VITX, Trade) ("Vitex" or "the Company"), a biotechnology company dedicated to developing novel anti-infective technologies, reported that the Nasdaq Stock Market, Inc. has granted the Company an extension until March 15, 2005 to comply with the $10,000,000 minimum stockholders' equity requirement for continued listing on the Nasdaq National Market set forth in Nasdaq Marketplace Rule 4450(a)(3). On November 19, 2004, Vitex provided a plan to Nasdaq to achieve and sustain compliance with its listing requirements, which plan primarily involved completion of the planned merger with Panacos Pharmaceuticals, Inc. On December 9, 2004, Nasdaq provided the Company an initial extension of time for it to comply with the minimum stockholders' equity requirement until February 17, 2005. Nasdaq has now granted the Company an additional extension, to March 15, to allow the Company time to complete the merger with Panacos Pharmaceuticals and close a previously announced financing. The Company believes that the merger and the financing will be sufficient to allow it to meet the minimum stockholders' equity requirement. The Vitex and Panacos shareholder meetings for the vote on the merger are scheduled for March 10. The merger could close immediately following shareholder approval.
On September 2, 2004, Vitex reported it had received a notice from Nasdaq that the Company was not in compliance with Nasdaq's minimum bid price requirement for continued listing. In accordance with Nasdaq rules, the Company was granted 180 days to regain compliance, or until February 28, 2005. Vitex can regain compliance if the bid price of Vitex common stock closes at $1.00 per share for a minimum of 10 consecutive trading days. Vitex has also agreed to effect a reverse split of its common stock, subject to shareholder approval, as a condition of closing the $20 million financing that is planned to close at the time of the merger. The Company has also requested from Nasdaq an extension to the deadline for meeting the minimum bid price requirement in order to provide Vitex sufficient time to close the merger and effect the reverse stock split, which is designed to increase the bid price above the $1.00 per share minimum. There can be no guarantee that Nasdaq will accept the Company's request for an extension with respect to this listing standard.
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