IntraBiotics Pharmaceuticals to delist from Nasdaq

By Jennifer Chiou

New York, Oct. 13 - IntraBiotics Pharmaceuticals, Inc. said it received a letter from Nasdaq stating its stock will be delisted from The Nasdaq National Market on Friday.

The Nasdaq listing qualifications panel made the decision following a company appeal to a prior determination by the Nasdaq staff that the company was a "public shell," raising public interest concerns and violating one of its marketplace rules.

On Sept. 8, the company appealed the decision and had an Oct. 6 a hearing before the panel.

As previously reported, IntraBiotics issued warrants to purchase its shares in connection with its series A convertible preferred stock offering on May 1, 2003. The warrants provide that if the company's stock is delisted, the purchase price for the stock upon exercise of the warrants will be reduced by 50% without any associated increase in the number of shares for which the warrants are then exercisable.

As of June 30, the company had 789,171 warrants outstanding with an exercise price of $2.066 per share.

IntraBiotics stock is expected to appear in the Pink Sheets under "IBPI" and it may also be quoted in the future on the OTC Bulletin Board.

Based in Lafayette, Calif., IntraBiotics Pharmaceuticals is focused on acquiring and developing late-stage therapeutics.

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