CombinatoRx Granted Extension to Regain NASDAQ Compliance.-- Plan in Place to Achieve Compliance Upon Filing June 30, 2009 Form 10-Q Form 10-Q See 10-Q. -- CAMBRIDGE, Mass. -- CombinatoRx, Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CRXX) announced today that the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. has granted an extension of the time the Company has to regain compliance with NASDAQ's minimum stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. requirement set forth in Listing Rule 5450(b)(1)(A) (the "Rule"). The extension was based on NASDAQ's determination that the Company had a definitive plan evidencing its ability to achieve and sustain compliance with the Rule. The Company must evidence compliance with the Rule upon filing its Quarterly Report on Form 10-Q for the six months ended June 30, 2009 with the Securities and Exchange Commission, which is planned to be filed in August of 2009. NASDAQ's determination was based on a compliance plan submitted by the Company on June 2, 2009, which described the previously announced divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of its subsidiary, CombinatoRx (Singapore) Pte. Ltd. (CRX-SG), and the resulting elimination of a $19.4 million liability of CRX-SG, which represented the outstanding balance of convertible promissory notes issued by CRX-SG to Biomedical Sciences Investment Fund Pte. Ltd. As a result of this divestiture, the Company believes that the stockholders' equity to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report in its Quarterly Report on Form 10-Q for the six months ended June 30, 2009 will bring the Company back into compliance with the Rule. NASDAQ will continue to monitor the Company's ongoing compliance with the Rule and if, at the time the Company files its Quarterly Report on Form 10-Q for the six months ended June 30, 2009, the Company does not evidence compliance, the Company may be subject to delisting from The NASDAQ Global Market. About CombinatoRx: CombinatoRx, Incorporated (CRXX) is pioneering the new field of synergistic combination pharmaceuticals. Going beyond traditional combinations, CombinatoRx creates product candidates with novel mechanisms of action, striking at the biological complexities of human disease. The CombinatoRx proprietary drug discovery technology provides a renewable and previously untapped source of novel drug candidates. The Company was founded in 2000 and is located in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . To learn more about CombinatoRx, please visit www.combinatorx.com. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 concerning CombinatoRx and its plans to regain compliance with the continued listing standards of The NASDAQ Global Market. These forward-looking statements about future expectations, plans and prospects of CombinatoRx involve significant risks, uncertainties and assumptions, including risks related the Company's ability to develop and implement a plan to increase its stockholders' equity and continue its listing on The NASDAQ Global Market, and those other risks that can be found in the "Risk Factors" section of the CombinatoRx Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. on file with the Securities and Exchange Commission and the other reports that CombinatoRx periodically files with the Securities and Exchange Commission. Actual results may differ materially from those CombinatoRx contemplated by these forward-looking statements. These forward looking statements reflect management's current views and CombinatoRx does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release. (c) 2009 CombinatoRx, Incorporated. All rights reserved. |
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