Curon Medical, Inc. announced today that the Staff of the Nasdaq Listing Qualifications Department has notified the Company that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B). Marketplace Rule 4310(c)(2)(B) requires the Company to have a minimum of $2,500,000 in stockholders’ equity as of December 31, 2005 or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. As of December 31, 2005, the Company’s stockholders’ equity was $2,229,000.

The Nasdaq Staff is reviewing the Company’s eligibility for continued listing on the Nasdaq Capital Market. To facilitate this review, on or before February 22, 2006, the Company must provide a plan including time horizon, to remedy the deficiency. The Company intends to submit its plan on or before such date. If, after the conclusion of the Nasdaq Staff’s review of the Company’s plan to achieve and maintain compliance with the listing requirements of the Nasdaq Capital Market, the Nasdaq Staff believes the plan does not adequately address the deficiency issue, it will notify the Company that its securities will be delisted from the Nasdaq Capital Market. At that time, the Company may appeal the Nasdaq Staff’s decision to a Nasdaq Listing Qualifications Panel.

News Section | Biotech/Pharma Business |