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IRVINE, Calif. -- IDM Pharma, Inc. (NASDAQ:IDMI), a company focused on the development of innovative cancer products, including MEPACT(R) (mifamurtide), which was recently approved in Europe for the treatment of osteosarcoma, today announced receipt of a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") informing the Company that it does not comply with the requirement to maintain a minimum of $10 million in stockholders' equity for continued listing on the Nasdaq Global Market.
IDM has until April 23, 2009 to provide Nasdaq a specific plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements. If Nasdaq accepts the Company's plan, the Company may be granted a period of up to 105 days within which it can regain compliance with such listing requirements. The Company is currently evaluating options including submission of a compliance plan with Nasdaq, application to transfer to the Nasdaq Capital Market, or a parallel approach. There can be no assurance that such compliance plan will be sufficient to avoid delisting or that such application to transfer to the Nasdaq Capital Market will be approved.
As previously disclosed, IDM has engaged JMP Securities, LLC, an investment bank, to advise the Company in exploring available strategic alternatives, including possible merger or acquisition opportunities.
About IDM Pharma
IDM Pharma is focused on the development of innovative cancer products that either destroy cancer cells by activating the immune system or prevent tumor recurrence by triggering a specific adaptive immune response. IDM Pharma is dedicated to maximizing the full therapeutic and commercial potential of each of its innovative products to address the needs of patients and the physicians who treat these patients.
For more information about the company and its products, visit www.idm-pharma.com.
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