RESEARCH TRIANGLE PARK, N.C., June 6 /PRNewswire-FirstCall/ --
Paradigm Genetics, Inc. (Nasdaq: PDGM) today announced that it has
received notice from The Nasdaq Stock Market, Inc. that the company's common
stock is now in compliance with the $1.00 minimum closing bid price
requirement, pursuant to Marketplace Rule 4450(a)(5). As Paradigm has
remained in compliance with all other listing criteria, the company's stock
will continue to be listed on the Nasdaq National Market.
"Today, we have added a critical chapter to Paradigm's turnaround story,"
said Philip R. Alfano, Vice President, Finance, and Chief Financial Officer.
"We have diligently and consistently executed on our corporate strategy, and
the marketplace has responded. Now we can more fully focus on building
greater value in the company. We appreciate the support from Nasdaq as we
overcame the temporary decline in our stock price, which had fallen below the
minimum bid price requirement."
In April, Paradigm received notification from Nasdaq granting the company
an extension until July 3, 2003 to re-establish compliance with the Nasdaq
National Market's minimum bid price requirement. Since then, Paradigm has
continued to make progress in its strategy of expanding its agricultural
customer base and building its human health business. Highlights include an
$8.4 million addition to the company's $23.8 million contract with the
National Institute of Environmental Health Sciences; the announced improvement
in cash flow for first quarter 2003 as compared to first quarter 2002; the
issuance of a U.S. patent for its proprietary TAG-KO(TM) technology; the
announcement of the entrance of genes analyzed and confirmed as "hits" by the
company into Monsanto Company's corn and soybean research-and-development
testing; and significant personnel appointments in its human health business.
About Paradigm Genetics
Paradigm is a biotechnology company aiming to increase R&D productivity by
focusing its integrated suite of technologies on the product development
cycle, from target discovery to subsequent enhancement of the safety and
efficacy profiles of development candidates in agriculture and human health.
Paradigm chooses a systems biology approach to understand gene function in the
context of biological pathways, to develop assays and biomarkers for molecular
diagnostic solutions tailored to the needs of our partners. Paradigm's
proprietary Gene to Cell to System(TM) approach has three major components:
gene expression profiling, biochemical profiling (also known as metabolomics)
and data integration and coherence. For more information, visit
http://www.paradigmgenetics.com.
This press release contains forward-looking statements, including
statements regarding the effect of executing Paradigm's strategic plan on
increasing shareholder value going forward. Such forward-looking statements
are based on management's current expectations and are subject to a number of
risks, factors and uncertainties that may cause actual results, events and
performance to differ materially from those referred to in the forward-looking
statements. These risks, factors and uncertainties include, but are not
limited to, Paradigm's early stage of development, history of net losses,
ability to execute on its corporate strategy, technological and product
development uncertainties, reliance on research collaborations, uncertainty of
additional funding and ability to protect its patents and proprietary rights.
Certain of these and other risks are identified in Paradigm's Form 10-Q for
the quarter ended March 31, 2003, filed with the Securities and Exchange
Commission. Paradigm does not intend to update any of the forward-looking
statements after the date of this release to conform these statements to
actual results or to changes in our expectations, except as may be required by
law.
SOURCE Paradigm Genetics, Inc.
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Related links:
http://www.paradigmgenetics.com
CONTACT:
Melissa Matson, Director of Corporate
Communications of Paradigm Genetics, Inc., +1-919-425-3000, or
Mark Vincent, Vice President of Noonan Russo Presence Euro RSCG,
+1-212-845-4200, for Paradigm Genetics, Inc.
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