Curon Medical (Fremont, California) reported that Nasdaq has notified it that it is not in compliance with rules requiring it to have a minimum of $2.5 million in stockholders' equity as of Dec. 31, 2005, or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year, or two of the three most recently completed fiscal years. As of Dec. 31, the company's stockholders' equity was about $2.2 million.
The Nasdaq staff is reviewing the company's eligibility for continued listing on the Nasdaq Capital Market. To facilitate this review, on or before Feb. 22, the company must provide a plan, including time horizon, to remedy the deficiency. The company intends to submit its plan on or before such date. If it does not meet requirements, it will be delisted.
Curon makes products for treating gastrointestinal disorders.