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Vermillion Regains Nasdaq Market Value Compliance; Bid Price Still Low

NEW YORK (GenomeWeb News) - Vermillion said yesterday that it has regained compliance for listing on the Nasdaq Stock Market by retaining a market value of $35 million for a period of ten consecutive business days.
 
In August, Nasdaq notified the company, which was called Ciphergen at the time, that it was out of compliance with Nasdaq Marketplace Rule 4310(c)(3) due to insufficient market value.
 
Regaining compliance on market value, however, does not resolve another pending non-compliance issue, under Nasdaq's rule 4310(c)(4), because the company's stock failed to maintain a minimum bid price of $1 over a 30-day period.
 
Vermillion has until March 4, 2008, to regain compliance under the latter rule.