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Cytogen Receives Nasdaq Notification Related to Minimum Bid Price
http://app.quotemedia.com/quotetools/popups/story.jsp
November 5, 2007 - 4:08 PM EST
CYTO 0.619 -0.011
Cytogen Receives Nasdaq Notification Related to Minimum Bid Price
Cytogen Corporation (NASDAQ: CYTO) announced that it has received today notification from The Nasdaq Stock Market (Nasdaq) that the Company is not in compliance with the $1.00 minimum bid price requirement for continued inclusion on the Nasdaq Global Market pursuant to Marketplace Rule 4450(a)(5). This letter is standard when the bid price of a Nasdaq-listed company closes below the minimum $1.00 per share requirement for 30 consecutive business days. The closing price of Cytogen’s common stock has been below $1.00 per share since September 24, 2007.
The Nasdaq notification has no effect on the listing of Cytogen’s common stock at this time and the Company will continue to trade on the Nasdaq Global Market under the symbol CYTO. The letter states that the Company has 180 calendar days, or until May 5, 2008, to regain compliance with the minimum bid price requirement of $1.00 per share The Company can achieve compliance, if at any time before May 5, 2008, Cytogen’s common stock closes at $1.00 per share or more for at least 10 consecutive business days.
If compliance with Nasdaq’s Marketplace Rules is not achieved by May 5, 2008, Nasdaq will provide notice that the Company’s common stock will be delisted from the Nasdaq Global Market. In the event of such notification, the Company would have an opportunity to appeal Nasdaq’s determination or to apply to transfer its common stock to the Nasdaq Capital Market. If the Company’s appeal for continued listing on the Nasdaq Global Market is not granted and the Company is not permitted to transfer to the Nasdaq Capital Market, the common stock may trade on the National Association of Securities Dealers’ OTC Bulletin Board.
About Cytogen
Cytogen is a specialty pharmaceutical company dedicated to advancing the treatment and care of patients by building, developing, and commercializing a portfolio of oncology products. The Company's specialized sales force currently markets two therapeutic products and one diagnostic product to the U.S. oncology market. CAPHOSOL® is an advanced electrolyte solution for the treatment of oral mucositis and dry mouth that is approved in the U.S. as a prescription medical device. QUADRAMET® (samarium Sm-153 lexidronam injection) is approved for the treatment of pain in patients whose cancer has spread to the bone. PROSTASCINT® (capromab pendetide) is a PSMA-targeting monoclonal antibody-based agent to image the extent and spread of prostate cancer. The Company also currently has U.S. commercial rights to SOLTAMOX™ (tamoxifen citrate), a liquid hormonal therapy approved in the U.S. for the treatment of breast cancer in adjuvant and metastatic settings. Cytogen's product-focused strategy centers on attaining sustainable growth through clinical, commercial, and strategic initiatives.
A copy of the full prescribing information for CAPHOSOL, QUADRAMET, PROSTASCINT and SOLTAMOX, including Boxed Warnings, warnings, precautions, adverse events and other safety information may be obtained in the U.S. from Cytogen Corporation by calling toll-free 800-833-3533 or by visiting the web site at http://www.cytogen.com. Cytogen’s website is not part of this press release.
This press release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and investors are cautioned not to put any undue reliance on any forward-looking statement. There are a number of important factors that could cause Cytogen's results to differ materially from those indicated by such forward-looking statements. In particular, Cytogen's business is subject to a number of significant risks, which include, but are not limited to: the risk that Cytogen is not successful in achieving compliance with Nasdaq listing requirements and Cytogen’s common stock is delisted from the Nasdaq Global Market; the risk of raising additional capital; the risk of successfully identifying, evaluating, and executing strategic transactions or actions to enhance Cytogen’s future growth potential and maximize shareholder value; the risk of launching a new product;, the risk of successfully marketing its products; the risk of obtaining the necessary regulatory approvals; the risk of whether products result from development activities; the risk of shifts in the regulatory environment affecting sales of Cytogen's products, such as third-party payor reimbursement issues; the risk associated with Cytogen's dependence on its partners for development of certain projects, as well as other factors expressed from time to time in Cytogen's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with Cytogen's periodic filings with the SEC. All information in this press release, including the forward-looking statements contained herein, is made only as of the date of this press release.
Cytogen Corporation
Investors:
Susan Mesco, 609-750-8213
Source: Business Wire (November 5, 2007 - 4:08 PM EST)
So snus goes all day bouncing mostly between .50-.51, on 300,000 some shares, and then a 10,000 share minute drops it to .49 with 15-30 minutes left in trading????
I mean the stock had been trading in .0001 increments, I know because I was in buying at .5006, then it drops a full penny, or 1,000 increments in seconds on little volume???
I wasn't in front of my machine this afternoon, but it sure looks like a mm shakeout to me.
Did I miss something?
hello asuhowe, hope so on the historical. the numbers in those posts are facts. they have done it 12 consecutive years, off yearly lows, within 12 months.
one could make a case that the oct 11th low vs the oct 12th high, could be it for this 12 months, (around .60 to .88 next day,) but if i remember correctly in all 12 years it took a month to 11 months for the old investors to get out, and new blood to come in.
i didn't buy or sell today, and will likely just hold from here, but if it drifts lower, then i will likely be buying once again.
take care
Now that is one depressing cortex post gfp. Geesh, what would you do if someone came to you with a potential new market? (uuu, it sounds stupid, so i don't want to hear any more about it)
have you bought back in yet? are you going to remain negative until you can get some more?
you are so bright, and yet so negative once you sold, yet you only see the good once you have bought....
i see a potential new market, you see continued gloom and doom. i guess it takes all kinds....
I think so. The charts/graphs he used were similar to others that I had seen and it is easier to see what they have going on with those aids.
As far as specifics, there are so many bright people on the board, I would rather they weigh in, as they may have heard things between the lines, if you will, that I would not even have a clue about.
Frankly, once Dr. Stoll mentioned use in non-humans, well I lost a lot of perspective.
I have been following Cortex for a long time and I have heard them say for a long, long time, that amps seem to make the jump from animals to humans pretty well, so why not try and see if there is any interest down that avenue......
The market reacted with almost no movement, so it seems they would agree that it was pretty much like the cc....
Dr. Stoll did seem to stop a few times during the presentation and I could hear talking in the background. I wondered to myself if perhaps there was not a translator in the room for non-english speaking guests, or if it was just attendees being rude.
For those that didn't hear the conference, the talk about using amps for veterinarian's was almost an afterthought.
It wasn't a main focus of any topic I remember, i guess i would have to go back and hear it again, and I don't remember seeing it on any of their 27 slides.
He just mentioned that the idea was brought to them.
He didn't say, but if he hadn't gone in that direction for adhd, well then, that would have given you something else to be negative about.
I like that he sounded almost like, yikes, this could be a whole new market for amps, if you are long, you have to love a new market opening up, or even the potential of......
i keep getting older, and slower
be interesting to see posters reactions to this aspect of the conference....
i liked everything i heard, the slides were not arranged properly on my screen, but I kind of liked that, i want those guys free thinking, not anal about slide order. most of the really smart people i know are lousy at paperwork, but some will likely find fault....
better yet, why not license some of it out for use in animals, to a company in that line of business, and let them pay for any testing....
yea, it looks that way on the surface, but he mentioned it that it was something the company never considered, and the idea was brought to them by "consultants."
if somebody brought me a potential market, i sure wouldn't turn my back on it, even if at first glance, it sounds lame.
cortex has for years been saying that amps seem to make the jump from animals in the lab to humans, so why not explore it?
I have seen articles recently about how much americans have been spending on their pets. Huge numbers. Now there is pet insurance i think.
1st time I ever heard Cortex say this:
Dr. Stoll said that Amps might also be useful in Veterinarian medicine. Last time my friend took her dog to the vet, I think the bill was 400 dollars, and the pills the dog needed were expensive, but I don't remember exactly, I want to say 75/month, but I would need to check that out......
The 27 slides are up on the R&R site for your viewing pleasure...start on slide 11, it is stoll, not varney speaking, "there has been a change." (in speakers)
Dollar wise I am lighter in Cor that I was in early 2007, even though share wise, I was exactly the same before todays buys. Todays shares were in case something comes out of the Conference Nov 5-7, that were eluded to, imo, by Dr. Stoll as "exciting" new developments in the lab. (i think those were his words, close to it, but his voice sounded genuinely excited when talking about them. Not unlike, to my ears, how sure he was that the fda hold would be lifted, and it was.)
So i guess it was rolling the dice a bit that the conference produces a nugget or two that the cc did not about things in the lab. And the funds were ones that I could have stay in cor, if needed, until some of the, hopefully positive, "events" of the cc take place.
Take Care.
Thanks Aiming4, I had to go to the doctor this afternoon, and got all excited when I saw a copy of NG in the waiting room.
It was from May 1995. Hope the doctors techniques are a little more recent!
I added some cor late this afternoon at .63. Just dipped my toes in a little more.
Take Care.
That would be nice, added another 10k shares at .503, 15 minutes and 3 fills, while we were gone around lunchtime.
Thanks surf.
Hello catty, well i am back in, small position but I am hoping that the move to the nasdaq not only opens them up to some mutual funds, but maybe some funds run by women that want to support the cause and a small amount from them, could really move bpa imho.....
in the old days, moving to the nasdaq would almost certainly boost the price, all other things being equal, ie no news.
I am glad i listened to you and stayed away yesterday, or i might have had a heart attack. I just wouldn't have known how to play it, and likely lost money both ways! Man i would be ticked if i had been holding this one long term!
OUCH, those that were buying pre market with 8 minutes to open have lost 18% in the first couple hours of trading. Do you know the short postion in this stock off the top of your head?
Thanks again for keeping these boards going......
Thanks surf, picked up another 10k shares this morning at the same .5112. This time took 1 1/2 hours and 6 fills. With all the cash they have per share, I just don't see that much downside risk that can't be recouped going forward if our timing isn't exactly right.....
Thanks again.
i agree, now they have just told investors, "hey, we need money." now up only =4%, pretty good move from +19% in 20+ minutes.
NEW YORK, Nov 2 (Reuters) - Vanda Pharmaceuticals Inc (VNDA.O: Quote, Profile, Research) said on Friday it no longer intends to offer convertible senior notes, two days after saying it planned to offer about $100 million in convertible notes.
The biotechnology company said the decision not to pursue the offering was "due principally to prevailing market conditions resulting in note terms that were not acceptable to the company."
Shares of Vanda fell sharply on Thursday after the company announced the note offering after the market closed on Wednesday. (Reporting by Lewis Krauskopf)
http://www.reuters.com/article/marketsNews/idUKWNAS010820071102?rpc=44
NEW YORK, Nov 2 (Reuters) - Vanda Pharmaceuticals Inc (VNDA.O: Quote, Profile, Research) said on Friday it no longer intends to offer convertible senior notes, two days after saying it planned to offer about $100 million in convertible notes.
The biotechnology company said the decision not to pursue the offering was "due principally to prevailing market conditions resulting in note terms that were not acceptable to the company."
Shares of Vanda fell sharply on Thursday after the company announced the note offering after the market closed on Wednesday. (Reporting by Lewis Krauskopf)
http://www.reuters.com/article/marketsNews/idUKWNAS010820071102?rpc=44
it was right there in front of me, i must have typed in the wrong symbol the first time. wonder if the sellers yesterday were ticked off at management!
hello surf, i am showing a pretty good pre market bounce here of 19% on 651k shares so far, but didn't see any news???
just dead cat bounce?
thanks again
gfp - I am curious what Dr. Stoll was referring to, if I heard it correctly, about, "people in washington."
It was towards the end on the call and I didn't know if he was talking about advisors, lobbyists, congressional staffer moles, or what????? (the csm is a joke!)
If you notice it on the replay i would love to know as i haven't seen it discussed here, but would love to know.
Take Care.
hello surf, what do you think of vnda at these levels, down 22% so far today?
i have been keeping a detached eye on it.
thanks
hello jddiv, i had a really big, for me, position in it, more than my first house cost, (cheap house, but still,) and what i heard in the first couple minutes lead me to believe that it was going to be end of 1st quarter 2008 before we heard some news that i thought might really drive the stock....so i sold a good chunk, 6 or 7 times, but i still own the exact same number of shares i did early this year, just at a lower cost basis. there were profits there for me, so i grabbed them, not much but well worth it imo.
i have two main accounts, one i rarely trade and it provides income through dividends, bond payments, and mutual fund distributions. Some years i don't even make one trade in it, other years maybe a few trades. As long as dividends are not cut, bonds called, that kind of thing, then i really don't care much about the stock/fund price on a day to day, week to week, or month to month basis, and our lifestyle does not have to change.
then i have a trading account that i like to try to increase wealth in and have fun doing so. cor was between 20-30% of that account and was my only holding in there for a good part of Oct. Very heavy for one stock for me in that account, so i lightened up.
had i been underwater a good bit, no way i would have sold today unless i really needed the funds for something, which is always a ligit reason to sell imo.
so i guess picking up shares would have been a move i might have made if they were funds i didn't need right away, and could allow cor some time to get some of those 1st, 2nd, and 3rd quarter results in.
your method of dollar cost averaging down makes great sense if you believe that cortex will rebound in the next 12 months, as i do, but i just think it will be maybe 6 to 9 months for the kind of "events" that i have seen really move cortex in years past, now that i have heard the call. (i am a BIG advocate of dollar cost averaging whenever possible.)
there is still a long shot wild card that cor will come out with a pr if and when they receive the fda letter and dispute it publicly, but the risk of banking on that is, well, out of this planets atmosphere, imo. i just saw limited downside risk in the low 60's to take a shot at cor making some grand announcement, like "hey," we think the fda got it wrong again, and we can prove it. then it is 1.50 by days end, but alas, it was not to be....
historically cor has bounced back nicely 12 consecutive years off yearly lows, within the following 12 months, lets just hope we have reached it, or are not far from the 2007 low now! And of course that cor can do it a 13th time.....
I see no reason they can't do it again, and the 20 million in the bank is the most i ever remember them having once getting creamed like they have since mid oct, but we all have to pick our spots...
If it drifts lower, then i can see myself building another position, i'll just have to keep reminding myself it is not likely to rise quickly from here, imo.
anyway, hope this helps,
take care.
I am glad they allowed you multiple questions neuro, it really added to the call imo. Someone also was posting about softball questions, but I thought there were some direct shareholder concerns addressed, and some of them not so delicate for dr stoll, and he answered them graciously.
i remember once asking the old ceo of knight ridder newspapers, since deceased, a question in a live open forum about his share price, and without answering the question directly, i felt like he did his best to paint the question foolish. (it was not, just uncomfortable for him.)
i didn't see any of that with dr. stoll.
anyway, thanks again for taking the time to post here.....
hello patco, dr. stoll i think said , they have money until first quarter 09, so if they have 20 million now, and if you use march 09, 16 months, or 1.25 million/mo. i used my fingers for the months, so better check my work
Hello aiming4, I agree, unless something happens when cortex receives the letter from the FDA, assuming they ever do.
Some news event could come from that, though unlikely, still....
hello asuhowe, i think things look good to me, viewed on my experience with cortex historically, and i felt that dr stoll felt the same way. to my mind, reading between the lines is that he was excited going forward, and how far cortex has come with new compounds in house. i also liked that he has not forgotten about alzheimer's and is realistic about the size trial needed there.
that being said, i sold 10% of my holdings yesterday and before todays call, (private emailed aiming4 about it b4 call,) and then sold a pretty good bunch in the first minutes of the call, only because i wanted to take profits while they were sitting there in front of me.
i still own the exact same number of shares i bought in early 07, (this time around got them for less though,) and plan on holding them, at least at this stage, through some of the "events" to take place in 2008. i had really loaded up in the low 60's and didn't want to be 20-30% cor in my trading portfolio, so i grabbed some profit while it was there.
had i been underwater, no way i would have sold as i think there are brighter days ahead. if they are able to get some good results, then historically, they take off.....
if it drifts lower, i may start adding again......
take care
me too, who knows, maybe they were the ones supporting the price on oct 11th at .65-.66, and didn't want to see it fall further....
There was an AG Edwards guy in there asking about funding.
Hello John, I sold about 10% of my holdings yesterday and this morning, before the call, as I often sell before "events."
Although I like what I am hearing in the CC, I have also been selling since the call began, just purely to take profits in the first couple minutes, once it seemed there was going to be no "earth shaking," pps moving news today.
ok, great i'll hop over there.
yahoo showed them with 3.64/share in cash at end of june, low volume on the news though, i would have thought higher at this point.
OT- Just a quick look on yahoo, last update they showed for gpcb was june 30 with 132 cash, 4 debt, i didn't even get # of shares out, market about to open.....take care
Thanks surf, GPCB shows down 61% in pre-market, light trading only however, down 7.04 to 4.40 with 10 minutes left until the open. Could be interesting. End of June had 132 million in cash.
Take Care
Thanks surf, GPCB shows down 61% in pre-market, light trading only however, down 7.04 to 4.40 with 10 minutes left until the open. Could be interesting. End of June had 132 million in cash.
Take Care.