Immune Response gets delist notice from Nasdaq Stock Market

By Jennifer Chiou

New York, Aug. 31 - The Immune Response Corp. announced it received a delisting notice from the Nasdaq Stock Market because it is not in compliance with a Nasdaq rule that requires the market value of its listed securities to be at least $35 million, according to an 8-K filing with the Securities and Exchange Commission.

The Carlsbad, Calif., company's Nasdaq-listed securities amounted to less than $35 million for the last 10 trading days.

Immune Response, a developer of immune-based therapies for HIV and multiple sclerosis, has until Sept. 26 to regain compliance by meeting the $35 million threshold.

Nasdaq, though, may require the company to reach $35 million for more than 10 consecutive trading days before it deems Immune Response in compliance with its rule.

Nasdaq also informed the company it is not in compliance with another rule, which requires minimum stockholder equity of $2.5 million or levels of positive net income from continuing operations.

Immune Response also said it sold 454,628 shares of its stock for $250,000 to Cornell Capital Partners, LP on Aug. 26 under its standby equity distribution agreement.

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