RESEARCH TRIANGLE PARK, N.C., June 23 /PRNewswire-FirstCall/ --
Biotechnology company Icoria, Inc. (NASDAQ SC: ICOR) announced today that it
received a letter from the NASDAQ Listing Qualifications Department on June
21, 2005 stating that it has failed to meet or exceed the $1 minimum bid price
required for listing on the NASDAQ SmallCap Market for 180 calendar days, and
that its shares will be delisted effective with the opening of trading on
June 30.
Icoria expects that effective June 30, Icoria's shares will be traded on
the NASDAQ Over the Counter Bulletin Board. Investors using online trading
systems may be required to change the ticker symbol from ICOR to ICOR.OB.
"We have anticipated this decision by the NASDAQ and our board of
directors has decided not to appeal or consider options such as a reverse
stock split," said Interim CEO Doug Morton, Ph.D. "Our immediate focus is on
building shareholder value by utilizing our biomarker discovery and validation
platform to drive diagnostics development and commercialization."
About Icoria
Icoria, Inc. is a biotechnology company focused on the discovery of novel,
multi-parameter biomarkers using its unique multi-platform approach. Icoria
intends to use these future biomarkers internally to develop multi-analyte
diagnostics to define and grade pathology or disease state with a high level
of specificity and sensitivity, and use its technology to help collaborators
and customers develop better, safer drugs and diagnostics and to identify
targets, leads and drug/diagnostic combinations for liver injury, metabolic
disorders and cancer.
This press release contains forward-looking statements including, but not
limited to, the Company's expectations for its healthcare based business model
and its biomarker discovery platform. 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, Icoria's ability to identify biomarkers, early stage of
development, history of net losses, 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 Icoria's Quarterly Report on Form 10-Q
for the period ended March 31, 2005, as amended, and its Annual Report on Form
10-K for the year ended December 31, 2004, both as filed with the Securities
and Exchange Commission. The Company 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 Icoria, Inc.
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Related links:
http://www.icoria.com
CONTACT:
Media-Public Relations, Icoria, Inc.,
+1-919-425-2999; or Brian Ritchie of Noonan Russo,
+1-212-845-4200
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