MCHM Macrochem (MM)

LEXINGTON, Mass., Oct. 24 /PRNewswire-FirstCall/ -- MacroChem Corporation (NASDAQ:MCHM) today announced that the Company received a Nasdaq Staff Determination on October 18, 2005 indicating that the Company does not comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4) and that its securities are, therefore, subject to delisting from The Nasdaq SmallCap Market. The Staff Determination also indicates that, because the Staff believes the Company has a nominal operating business, is a "public shell," and lacks sufficient economic resources to operate beyond November 2005, the Staff has determined that MacroChem's securities are also subject to delisting from The Nasdaq SmallCap Market under Marketplace Rule 4300. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. The hearing request will stay the delisting of the Company's securities, which will continue trading on The Nasdaq SmallCap Market pending the Panel's decision. There can be no assurance that the Company will be able to regain compliance with Nasdaq listing requirements nor can there be any assurance that the Nasdaq Listing Qualifications Panel will grant the Company's request for continued listing. If the Company's common stock is delisted from The Nasdaq SmallCap Market, it may become eligible thereafter for quotation on the Over-The-Counter Market on the NASD Electronic Bulletin Board or in the "pink sheets" maintained by the National Quotation Bureau, Inc. Forward-Looking Statements With the exception of historical information contained in this press release, the matters described herein are forward-looking statements that involve risks and uncertainties. MacroChem's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed or referred to in the section entitled "Risk Factors" in MacroChem's Annual Report on Form 10-K, as well as those discussed elsewhere therein, and include, without limitation, risks regarding product development, the timing and results of clinical trials, the regulatory approval process, capital requirements, financial condition, patent protection and dependence on third parties for development and licensing arrangements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MacroChem undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: MacroChem Corporation CONTACT: Bernard Patriacca, VP/CFO of MacroChem Corporation, +1-781-862-4003 Web site: http://www.macrochem.com/

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