ROCKVILLE, Md., Oct. 15 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today announced that it has received a letter from the NASDAQ Stock Market indicating that it has regained compliance with the minimum $35 million Market Value of Listed Securities ("MVLS") requirement for continued listing on the NASDAQ Capital Market as set forth in NASDAQ Marketplace Rule 5550(b)(2).(Logo: http://photos.prnewswire.com/prnh/20010620/ENMDLOGO)
On August 17, the Company received a Staff Determination Letter from NASDAQ stating that it was not in compliance with the rule because its MVLS failed to meet the required $35 million minimum for the last 30 consecutive business days. At that time, the Company was granted 180 calendar days, or until February 14, 2011, to regain compliance with the rule.
In order to regain compliance, the Company was required to maintain a $35 million MVLS for a minimum of 10 consecutive business days. In its October 13, 2010 notification, NASDAQ provided written confirmation that EntreMed has regained compliance with the rule and that this matter is now closed.
About EntreMedEntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in a multi-center Phase 2 study in ovarian cancer and in several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company's web site at www.entremed.com and in various filings with the Securities and Exchange Commission.
Forward Looking StatementsThis release contains forward-looking