Nanogen has announced that Dr. William G. Gerber, a non-independent member of the company's board of directors, resigned from the board, effective as of May 1, 2007. His resignation restores compliance with NASDAQ Marketplace Rule 4350(c)(1), which requires a majority of members of the board of directors to be comprised of independent directors. The non-compliance resulted from the appointment of Dr. Heiner Dreismann, a non-independent director, to the company's board on October 31, 2006.
The board of directors now is comprised of five directors, three of whom are independent within the meaning of the applicable NASDAQ listing standards.
On May 10, 2007, Nanogen, Inc. received a Nasdaq Staff Deficiency Letter indicating that the Company did not comply with the requirement for continued listing set forth in NASDAQ Marketplace Rule 4350(c)(1). As of the date of this press release, the company is again in full compliance with Nasdaq Marketplace Rule 4350(c)(1).
Posetd 15th May 2007