UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: December 20, 2006
(Date of earliest event reported)
Corcept Therapeutics Incorporated
(Exact name of registrant as specified in its charter)
CA
(State or other jurisdiction
of incorporation)
000-50679
(Commission File Number)
77-0487658
(IRS Employer
Identification Number)
149 Commonwealth Drive
(Address of principal executive offices)
94025
(Zip Code)
650-327-3270
(Registrant's telephone number, including area code)
Not Applicable
(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 obligation of the registrant under any of the following provisions:
- o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
- o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
- o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On December 20, 2006 Corcept Therapeutics Incorporated received a Nasdaq Staff Determination in response to the Company's December 4, 2006 submission of a plan to regain compliance with NASDAQ Marketplace Rule 4450(a)(3), which requires the Company to have a minimum of $10,000,000 in stockholders' equity. The Company's stockholders' equity reported on its Form 10-Q for the period ended September 30, 2006 was $6.98 million. The NASDAQ letter indicated that the Staff determined not to accept the Company's plan of compliance and that, therefore, the Company's common stock would be subject to delisting unless the Company requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). On December 27, 2006, the Company requested a hearing before the Panel. As a result, the Company's common stock will remain listed on The NASDAQ Global Market at least until the Panel issues its decision following the hearing. Consistent with the NASDAQ rules, the Company expects that the hearing will be scheduled to occur within the next 45 days.
Item 9.01. Financial Statements and Exhibits
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.
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Dated: December 27, 2006 |
CORCEPT THERAPEUTICS INCORPORATED
By: /s/ Fred Kurland |
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| Exhibit No. | Description |
| 99.1 | Press Release of Corcept Therapeutics Incorporated dated December 27, 2006 |
Company Appeals to NASDAQ Listing Qualifications Panel
MENLO PARK, CA -- 12/27/2006 -- Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced that it has received a NASDAQ Staff Determination in response to the Company's December 4, 2006 submission of a plan to regain compliance with NASDAQ Marketplace Rule 4450(a)(3), which requires the Company to have a minimum of $10,000,000 in stockholders' equity. The Company's stockholders' equity reported on its Form 10-Q for the period ended September 30, 2006 was $6.98 million. The NASDAQ letter indicated that the Staff determined not to accept the Company's plan of compliance and that, therefore, the Company's common stock would be subject to delisting unless the Company requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). On December 27, 2006, the Company requested a hearing before the Panel. As a result, the Company's common stock will remain listed on The NASDAQ Global Market at least until the Panel issues its decision following the hearing. Consistent with the NASDAQ rules, the Company expects that the hearing will be scheduled to occur within the next 45 days.
Statements made in this news release, other than statements of historical fact, are forward-looking statements, including, for example, statements relating to when and if a hearing to review the NASDAQ Staff determination will occur or whether the appeal will be successful. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that might cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, Corcept's ability to respond to the NASDAQ compliance concerns to the NASDAQ's satisfaction and to achieve compliance with NASDAQ Global Market listing standards. These and other risk factors are set forth in the Company's SEC filings, all of which are available from our website (www.corcept.com) or from the SEC's website (www.sec.gov). We disclaim any intention or duty to update any forward-looking statement made in this news release.
CONTACT: Fred Kurland Chief Financial Officer Corcept Therapeutics 650-327-3270 IR@corcept.com www.corcept.com