UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 8, 2006
Genelabs Technologies, Inc.
(Exact Name of Registrant as Specified in its Charter)
California 0-19222 94-3010150
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
505 Penobscot Drive, Redwood City, California 94063
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (650) 369-9500
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of
the following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
Genelabs Technologies, Inc. ("Genelabs" or the "Company") previously
reported that it had received a notice from the staff of the Nasdaq Stock
Market, Inc. stating that the Company's common stock was subject to delisting
from the Nasdaq Capital Market because the Company did not meet shareholder
equity requirements pursuant to Nasdaq Marketplace Rule 4310(c)(2)(B). On May
23, 2006, the Company requested a hearing with the Nasdaq Listings
Qualification Panel (the "Panel"), and such hearing was held on June 29, 2006.
On August 8, 2006, the Company received a determination letter from the Panel
which found that the Company is currently in compliance with the shareholder's
equity requirement and granted the Company's request for continued listing of
its common stock on the Nasdaq Capital Market. The Panel also determined to
place the Company under a Panel monitor for a period of one year from the date
of the Company's most recent periodic filing with the Securities and Exchange
Commission, or until August 3, 2007. During the monitoring period the Company
must demonstrate compliance with all applicable Nasdaq listing standards, as
evidenced in each of the Company's periodic reports filed with the SEC. If the
Company does not demonstrate compliance with applicable Nasdaq listing
standards, the letter stated that the Panel will promptly schedule a hearing
regarding the Company's listing.
A copy of the related press release is furnished as Exhibit 99.1
hereto.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
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99.1 Press Release of Registrant, dated August 9, 2006,
entitled "Genelabs Announces Nasdaq Panel Decision to
Grant Genelabs' Request for Continued Listing on the
Nasdaq Capital Market"
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Genelabs Technologies, Inc.
/s/ Matthew M. Loar
Date: August 9, 2006 By:-----------------------------
Name: Matthew M. Loar
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release of Registrant, dated
August 9, 2006.
EXHIBIT 99.1
Contact: Matthew M. Loar
Chief Financial Officer
Phone: 650-562-1477
FOR IMMEDIATE RELEASE
Genelabs Announces Nasdaq Panel Decision to Grant Genelabs' Request for
Continued Listing on the Nasdaq Capital Market
Redwood City, CA -- August 9, 2006 -- Genelabs Technologies, Inc. (Nasdaq:
GNLB) announced today that it has received notification from The Nasdaq Stock
Market that the Nasdaq Listings Qualifications Panel has determined to grant
the request of Genelabs for continued listing on the Nasdaq Capital Market.
"I am very pleased with the outcome of our hearing," stated James A.D. Smith,
President and Chief Executive Officer. "The favorable decision from the Nasdaq
Listing Qualifications Panel means that our securities will continue to trade
on Nasdaq, as we had hoped."
The letter from Nasdaq also noted that, based on the Form 10-Q Genelabs filed
for the quarter ended June 30, 2006, Genelabs was in compliance with the
shareholders' equity requirement. The letter further stated that under Nasdaq
Marketplace Rule 4806(d)(2), the Nasdaq Listing Qualifications Panel will
continue to monitor Genelabs' compliance with the continued listing standards
of the Nasdaq Capital Market for a period of one year. During this one year
period, which expires August 3, 2007, if the company fails to comply with the
continued listing standards an additional hearing regarding the company's
listing would promptly be scheduled pursuant to Marketplace Rule 4806(a).
About Genelabs Technologies
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Genelabs Technologies, Inc. is a biopharmaceutical company focused on the
discovery and development of pharmaceutical products to improve human health.
We have built drug discovery capabilities that can support various research and
development projects. Genelabs is currently concentrating these capabilities on
discovering novel compounds that selectively inhibit replication of the
hepatitis C virus and advancing preclinical development of compounds from this
hepatitis C virus drug discovery program, while also developing a late-stage
product for lupus. We believe that these high-risk, potentially high reward
programs focus our research and development expertise in areas where we have
the opportunity to generate either first-in-class or best-in-class products
that will address diseases for which current therapies are inadequate. For more
information, please visit www.genelabs.com.
Note: Genelabs(R) and the Genelabs logo are registered trademarks and
Prestara(TM) is a trademark of Genelabs Technologies, Inc.
NOTE ON FORWARD LOOKING STATEMENTS AND RISKS: This press release contains
forward-looking statements including statements regarding the company's
continued listing on Nasdaq, Genelabs' drug discovery capabilities and
advancing preclinical development of compounds from its drug discovery
programs. These forward-looking statements are based on Genelabs' current
expectations and are subject to uncertainties and risks that could cause actual
results to differ materially from the statements made. Uncertainties and risks
include, without limitation, the ability to maintain compliance with the Nasdaq
Capital Market continued listing standards; potential development failures or
setbacks in our HCV research programs or in our collaborations with Novartis
and/or Gilead; progress and announcements by competitors regarding their HCV
programs; and regulatory problems or delays regarding Prestara(TM), including
an adverse response from the FDA or a determination to discontinue development
of Prestara. Please see the information appearing in Genelabs' filings with the
Securities and Exchange Commission, including our most recent Annual Report on
Form 10-K, under the captions "Risk Factors" and "Forward-Looking Statements"
for more discussion regarding these uncertainties and risks and others
associated with the company's research programs, early stage of development and
other risks which may affect the company or cause actual results to differ from
those included in the forward-looking statements. Genelabs does not undertake
any obligation to update these forward-looking statements or risks to reflect
events or circumstances after the date of this release.