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Nasdaq Extends Deadlines for Pressure BioSciences to Regain Listing Compliance

NEW YORK (GenomeWeb News) – Pressure BioSciences said today that a Nasdaq panel has agreed to allow it to remain listed on the exchange while it tries to regain compliance with two listing requirements.

Pressure Bio said that the Nasdaq Listing Qualifications Panel notified the firm on March 7 that it is extending the deadline to regain compliance with a listing requirement calling for at least $2.5 million in stockholder equity. Pressure Bio will now have until March 23 to regain compliance.

Nasdaq originally warned Pressure Bio it was in violation of the requirement in April 2011, but it has extended the deadline several times, most recently until Feb. 29.

The panel also has extended the deadline for Pressure Bio to meet another requirement calling for a minimum bid price of $1. The company now has until April 9 to regain compliance with that requirement, during which it must have a minimum $1 bid price for at least 10 consecutive business days. It originally was warned by Nasdaq of non-compliance in August 2011 and had until Feb. 13 to meet the requirement.

The South Easton, Mass.-based firm recently said in its Form 10-K that it has enough cash to last until only April. It filed with the US Securities and Exchange Commission in December to raise $8 million and last week filed an amendment to its filing to delay its effective date.

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