pSivida Limited, a global drug delivery company, today
announced that on December 27, 2007, the Company received a letter from
the NASDAQ Listing Qualifications Department notifying the Company
that, for the last 30 consecutive business days, the bid price of the
Company’s American Depositary Shares
(“ADSs”) has closed below the minimum $1.00 per
share required for continued listing on the NASDAQ Global Market under
Marketplace Rule 4450(a)(5). Under the rules set forth by the NASDAQ
Listing Qualifications Department, issuing this notice is customary
practice when a NASDAQ quoted company’s closing bid price has
been less than $1.00 per share for 30 consecutive trading days.
The NASDAQ letter does not affect the listing of the Company
at this time, and the Company’s shares will continue to trade
on the NASDAQ Global Market under the symbol “PSDV.”
In accordance with Marketplace Rule 4450(e)(2), NASDAQ will
provide the Company with 180 calendar days, or until June 24, 2008, to
regain compliance. If at any time before June 24, 2008 the bid price of
the Company’s ADSs closes at $1.00 per share or more for a
minimum of 10 consecutive business days, NASDAQ will provide written
notification that the Company has achieved compliance with Marketplace
Rule 4450(a)(5). If compliance with Marketplace Rule 4450(a)(5) cannot
be demonstrated by June 24, 2008, NASDAQ will provide written notice
that the Company’s Securities will be delisted from the
NASDAQ Global Market. At that time, the Company may appeal
NASDAQ’s determination or, if the Company satisfies the
requirements of Marketplace Rule 4310(c) other than the minimum bid
requirement, the Company may apply to transfer its securities to the
NASDAQ Capital Market, in which case, if the Company’s
application is approved, the Company will be afforded the remainder of
the Capital Market’s second 180 calendar day period to regain
compliance while on the NASDAQ Capital Market.
"The Company is committed to regaining compliance, and are
pursuing various strategies including the potential of non-dilutive
capital," said pSivida's Managing Director, Dr Paul Ashton. "The
Company believes its current cash position, together with the expected
development funding from Pfizer and the remaining US$1.5 million due in
April related to the sale of a subsidiary, is sufficient to continue
operations until at least September 30th, 2008.”