A.P. Pharma gets Nasdaq noncompliance notice

By Jennifer Chiou

New York, Nov. 16 - A.P. Pharma, Inc. said it received notice from the Nasdaq listing qualifications department that the Nasdaq National Market is reviewing its eligibility for continued listing due to noncompliance with a marketplace rule requiring a minimum $10 million stockholders' equity.

On or before Nov. 28, the company was asked to provide a specific plan and timeframe to achieve and sustain compliance with all Nasdaq National Market listing requirements.

The company said it is evaluating financing alternatives and is planning to prepare the plan requested by Nasdaq.

If the plan is not accepted by the Nasdaq or if the financing alternative does not resolve the listing deficiency, the company noted it is in compliance with the current listing standards of the Nasdaq Capital Market.

A.P. Pharma is a Redwood City, Calif., specialty pharmaceutical company focused the development and commercialization of its bioerodible injectable and implantable systems under the trade name Biochronomer.

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