Insmed to Request Hearing Before NASDAQ Panel to Review NASDAQ Staff Determination
20 Juin 2008 - 11:30PM
PR Newswire (US)
RICHMOND, Va., June 20 /PRNewswire-FirstCall/ -- Insmed Inc.
(NASDAQ:INSM), a developer of follow-on biologics and
biopharmaceuticals, today announced that it intends to request a
hearing before The NASDAQ Listing Qualifications Panel ('the
Panel") to appeal an earlier Staff Determination to delist the
Company's common stock from The NASDAQ Capital Market. Insmed
received a letter from The NASDAQ Stock Market ("NASDAQ") on June
17, 2008 indicating that the Company had not regained compliance
with NASDAQ's minimum bid price requirement of $1.00 per share for
continued listing of Insmed's common stock on The NASDAQ Capital
Market as set forth in Marketplace Rule 4310(c)(4) (the "Staff
Determination"). As a result, the Company's common stock would be
subject to delisting unless Insmed requests a hearing before the
Panel. Following procedures set forth in The NASDAQ Marketplace
Rule 4800 series; the Company intends to request a hearing before
the Panel to review the Staff Determination. The hearing request
will stay the delisting of Insmed's common stock, pending the
decision of the Panel following the hearing, allowing the Company's
common stock to continue to trade on The NASDAQ Capital Market.
There can be no assurance, however, that the Panel will grant
Insmed's request for continued listing of its common stock on The
NASDAQ Capital Market. In the event that the Panel determines not
to grant the Company's request for continued listing of its common
stock on The NASDAQ Capital Market, Insmed's common stock may
become eligible for quotation and trading on the OTC Bulletin
Board. 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 the Company's filings with the
U.S. Securities and Exchange Commission, including the Company's
Annual Report on Form 10-K for the year ended December 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. DATASOURCE: Insmed Inc. CONTACT: Investor
Relations Contact: Brian Ritchie, FD, +1-212-850-5683, ; or
Corporate Communications Contact: John Procter, Gibraltar
Associates, +1-202-879-5808, Web site: http://www.insmed.com/
Copyright
Insmed (NASDAQ:INSM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Insmed (NASDAQ:INSM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024