SAN MATEO, Calif., March 2, 2011 /PRNewswire/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced that, on March 1, 2011, the Company received a positive determination from the NASDAQ Listing Qualifications Panel (the "Panel") indicating that the Panel had granted the Company's request for an extension to remain listed on The NASDAQ Stock Market ("NASDAQ"). In accordance with the terms of the Panel's decision, the Company's continued listing on NASDAQ is subject to the Company evidencing compliance with NASDAQ's minimum $1.00 bid price requirement, as set forth in Listing Rule 5550(a)(2), by May 31, 2011. The Company may evidence compliance with the bid price requirement by evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days by May 31, 2011.
As previously disclosed, on November 30, 2010, the Company was notified by NASDAQ that its securities were subject to delisting based upon the Company's failure to satisfy the minimum bid price requirement. The Company subsequently attended a hearing before the Panel at which it presented its plan to regain compliance with the minimum bid price requirement by May 31, 2011. May 31, 2011 constitutes the full extent of the Panel's discretion to grant the Company an extension to remedy the bid price deficiency. While the Company is working to timely satisfy the terms of the Panel's decision, there can be no assurance that it will be able to do so.
About Nile Therapeutics
Nile Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops innovative products for the treatment of cardiovascular disease and other areas of unmet medical needs. Nile is initially focusing its efforts on developing its lead compound, cenderi