Insmed Receives NASDAQ Deficiency Notice Relating to Minimum Bid Price
19 Juin 2007 - 10:15PM
Business Wire
Insmed Incorporated (NASDAQ: INSM) announced today that on June 18,
2007 it received a NASDAQ Staff Deficiency Letter from The NASDAQ
Stock Market. The NASDAQ Letter states that for the last 30
consecutive business days, the closing bid price per share for the
Company�s common stock has been below the $1.00 minimum per share
requirement for continued inclusion under NASDAQ Marketplace Rule
4450(a)(5). In accordance with NASDAQ Marketplace Rule 4450(e)(2),
Insmed will be provided 180 calendar days, or until December 17,
2007, to regain compliance by maintaining a closing bid price per
share of $1.00 or higher for a minimum of 10 consecutive business
days. If Insmed is unsuccessful in meeting the minimum bid
requirement during this initial compliance period the Company may
transfer the listing of its shares of common stock to The NASDAQ
Capital Market and receive an additional 180 day compliance period
if the Company meets all initial listing criteria, except for the
minimum bid requirement, for that market as set forth in
Marketplace Rule 4310(c). If Insmed does not demonstrate compliance
within the required period the Company will be issued a delisting
letter, which may be appealed at that time. The NASDAQ Letter
received on June 18, 2007 has no effect on the listing of the
Company�s common stock at this time. The Company will seek to
regain compliance within this cure period and is considering
alternatives to address compliance with the continued listing
standards of The NASDAQ Stock Market. About Insmed Insmed is a
biopharmaceutical company focused on the development and approval
of drugs for the treatment of metabolic diseases with unmet medical
needs. For more information, please visit www.insmed.com.
Forward-Looking Statements This release contains forward-looking
statements which are made pursuant to provisions of Section 21E of
the Securities Exchange Act of 1934. Investors are cautioned that
such statements in this release, including statements relating to
planned clinical study design, regulatory and business strategies,
plans and objectives of management and growth opportunities for
existing or proposed products, constitute forward-looking
statements which involve risks and uncertainties that could cause
actual results to differ materially from those anticipated by the
forward-looking statements. The risks and uncertainties include,
without limitation, risks that product candidates may fail in the
clinic or may not be successfully marketed or manufactured, the
Company may lack financial resources to complete development of
product candidates, the FDA may interpret the results of studies
differently than the Company, competing products may be more
successful, demand for new pharmaceutical products may decrease,
the biopharmaceutical industry may experience negative market
trends and other risks and challenges detailed in the Company�s
filings with the U.S. Securities and Exchange Commission, including
the Company�s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2007. Readers are cautioned not to place undue reliance
on any forward-looking statements which speak only as of the date
of this release. The Company undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances that
occur after the date of this release or to reflect the occurrence
of unanticipated events.
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