Oscient: Nasdaq compliance period is extended

Oscient Pharmaceuticals Corp. of Waltham said today that it now estimates that it will have until July 6 to regain compliance with Nasdaq Stock Market listing requirements.

The company said that it has been notified that given "the current extraordinary market conditions," the Nasdaq Stock Market has extended by 90 days the temporary suspension of the rules requiring a minimum market value of publicly held shares and a minimum $1 closing bid price.

On October 3, Oscient announced that pursuant to a Nasdaq marketplace rule that it had 90 calendar days to regain compliance with listing requirements.

But based on this extension and the previously announced suspension of rules enforcement on Oct. 23, Oscient said in a press release that it now "estimates it will have until July 6, 2009 to regain compliance by evidencing a minimum $15 million MVPHS (market value of publicly held shares) for 10 consecutive business days."

To read the company's press release, please click here.
(By Chris Reidy, Globe staff)