Tuesday, April 28, 2015 8:21:03 AM
SYDNEY, April 28, 2015 /PRNewswire/ -- US-Australian drug discovery company, Novogen Limited (ASX: NRT; NASDAQ: NVGN) (Company), announced today that it received a letter from NASDAQ informing it that it had regained full compliance with NASDAQ Listing Rule 5550(b) (Listing Rule).
In November 2014, the Company received a deficiency notice from NASDAQ, requesting the Company to submit a plan to regain compliance with the Listing Rule, which requires either (i) a minimum of $2,500,000 in stockholders' equity as of June 30, 2014; (ii) at least $35,000,000 market value of listed securities, or (iii) at least $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
Further to lodgement of its plan to regain compliance, NASDAQ granted an extension to the Company in January 2015.
The recent growth in the Company's market value, as well as the substantial increase of its assets with the current capital-raising program, has allowed the Company to regain compliance with the Listing Rule.
Graham Kelly, Novogen Group CEO and Executive Chairman, said, "Novogen regards itself as a joint US-Australian company. Roughly half of our shareholders are US residents. We have a joint venture company with one of the leading universities in the US. We are conducting increasing collaborations with leading US research institutions and hospitals as our drug technologies get better appreciated. The US eventually will be the leading market for our drug candidates. Maintaining our NASDAQ listing is vital to us."
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