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Pressure BioSciences Falls Short on Nasdaq Listing Rule

NEW YORK (GenomeWeb News) – Pressure BioSciences disclosed in a filing today with the US Securities and Exchange Commission that it has received a notice from the Nasdaq Stock Market that it did not achieve compliance with the $1 bid price requirement under listing rules by Feb. 13, 2012.

The firm had been warned by Nasdaq in August 2011 that it was not in compliance with the regulation, which calls for a minimum bid price of $1 per share for 30 consecutive business days. Nasdaq gave the firm 180 days, until Feb. 13, to regain compliance.

The minimum bid price requirement is one of two regulations under which Pressure Bio is not in compliance. The firm also was warned last year that it did not satisfy the market's rules for $2.5 million in stockholders' equity. In early December, the Nasdaq Listing Qualifications Panel told Pressure Bio that it had until Feb. 29, 2012 to come into compliance with that rule.

In the SEC filing today, Pressure Bio said that it has already submitted a revised plan of compliance for the panel's review and has requested a further extension to meet requirements.

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