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Hana Biosciences Gets Delisting Note From NASDAQ

September 11, 2009 (FinancialWire) — Hana Biosciences (NASDAQ: HNAB) announced that the company received a letter from the Staff of The NASDAQ Stock Market indicating that the company has failed to regain compliance with NASDAQ Marketplace Rule 4310(c) (3), which requires the company to have a minimum of $2,500,000 in stockholders’ equity, or $35,000,000 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, for continued listing on The NASDAQ Capital Market.

On September 8, 2009, NASDAQ notified the company that it had determined to delist the company’s common stock from the NASDAQ Capital Market. Trading of the company’s shares will be suspended effective at the opening of business on Thursday, September 10, 2009.

On March 5, 2009, the company received a notification letter that its market value of listed securities had been below the requirement for continued inclusion under Marketplace Rule 4310(c) (3) and, as such, the company’s common stock had become non-compliant with NASDAQ’s requirements. The company was provided a compliance period which ended September 1, 2009.

Further, the terms of certain warrants issued to affiliates of Deerfield Management pursuant to the company’s loan facility provide that Deerfield may require the company to redeem the warrants upon the delisting of the company’s common stock. Deerfield has notified the company of its intention to redeem the warrants, requiring the company to pay a redemption price of approximately $4.0 million. However, Deerfield subsequently agreed to accept payment of the liability in shares of the company’s common stock in lieu of a cash settlement.

Following the delisting from the NASDAQ Capital Market, the company expects that its common stock will be traded on the OTCBB under the symbol HNAB.

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