Insmed Announces Listing Transfer from Nasdaq Global Market to Nasdaq Capital Market
28 Février 2008 - 3:15PM
PR Newswire (US)
RICHMOND, Va., Feb. 28 /PRNewswire-FirstCall/ -- Insmed Inc.
(NASDAQ:INSM), a developer of follow-on biologics and
biopharmaceuticals, today announced that on February 27, 2008, it
received a letter from the Nasdaq Listings Qualifications Panel
(the "Panel") stating that the Panel has determined to transfer the
listing of the Company's shares from the Nasdaq Global Market to
the Nasdaq Capital Market, effective at the open of the market on
Friday, February 29, 2008. The Nasdaq Capital Market is one of the
three market tier designations for Nasdaq-listed stock, and
presently includes over 500 companies. The Nasdaq Capital Market
operates in substantially the same manner as the Nasdaq Global
Market. It is not related to, nor does it operate similarly to the
over-the-counter markets, including the OTCBB and Pink Sheets.
Securities listed on the Nasdaq Capital Market satisfy all
applicable qualification requirements for Nasdaq securities and all
companies listed on the Nasdaq Capital Market must meet certain
financial requirements and adhere to Nasdaq's corporate governance
standards. Insmed's trading symbol will remain "INSM." The
determination is the result of a hearing between Insmed and the
Panel on January 24, 2008, regarding Insmed's non-compliance with
Marketplace Rule 4405(a)(5), the minimum bid price requirement of
$1.00 per share, a continued listing requirement of Nasdaq. Once
Insmed's securities are transferred to the Nasdaq Capital Market,
it will have until June 12, 2008, to regain compliance with
Nasdaq's minimum bid price requirement of $1.00 per share. Should
the Company not regain compliance by this date, its shares shall be
delisted from the Nasdaq Capital Market. Following such delisting,
the Company's common stock could be eligible to trade on the OTCBB
or the Pink Sheets. About Insmed Insmed Inc. is a biopharmaceutical
company with unique protein process development and manufacturing
experience and a proprietary protein platform aimed at niche
markets with unmet medical needs. For more information, please
visit http://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, we may lack
financial resources to complete development of product candidates,
the FDA may interpret the results of studies differently than us,
competing products may be more successful, demand for new
pharmaceutical products may decrease, the biopharmaceutical
industry may experience negative market trends, our entrance into
the follow-on biologics market may be unsuccessful, our common
stock could be delisted from the Nasdaq Capital Market and other
risks and challenges detailed in our filings with the U.S.
Securities and Exchange Commission, including our Quarterly Report
on Form 10-Q for the quarter ended September 30, 2007. Readers are
cautioned not to place undue reliance on any forward-looking
statements which speak only as of the date of this release. We
undertake 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.
Investor Relations Contact: Brian Ritchie -- FD 212-850-5683
Corporate Communications Contact: John Procter -- Gibraltar
Associates 202-879-5808 DATASOURCE: Insmed Inc. CONTACT: Investor
Relations, Brian Ritchie of FD, +1-212-850-5683, ; or Corporate
Communications, John Procter of Gibraltar Associates,
+1-202-879-5808, , both for Insmed Inc. Web site:
http://www.insmed.com/
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