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Aradigm no longer compliant with Nasdaq director rules

Aradigm Corp. said it was no longer in compliance with Nasdaq's independent director and audit committee requirements.

The Hayward, Calif.-based pharmaceutical company became noncompliant after it appointed John Siebert to serve as a director, executive chairman and interim principal executive officer on Feb. 11.

Siebert was also named the company's acting principal financial officer, effective March 1.

Siebert is founder and CEO of Compan Pharmaceuticals Inc., a companion animal pharmaceutical company.

The noncompliance notice has no immediate effect on the company's common stock on Nasdaq, trading under the ARDM ticker. The company has a so-called cure period to rectify the situation.

Meanwhile, David Bell resigned from Aradigm's board, with effect from Feb. 28.