NASDAQ Hearing Panel Grants Insmed Request for Continued Listing on the NASDAQ Stock Market
03 Septembre 2008 - 2:00PM
PR Newswire (US)
Insmed must evidence a closing bid price of $1.00 or more for at
least ten consecutive business days by December 15, 2008 RICHMOND,
Va., Sept. 3 /PRNewswire-FirstCall/ -- Insmed Inc. (NASDAQ:INSM), a
developer of follow-on biologics and biopharmaceuticals, today
announced that on August 29, 2008 it received a letter from the
NASDAQ Listing Qualifications Panel ("the Panel") informing the
Company that the Panel has determined to grant the request of
Insmed to remain listed on The NASDAQ Stock Market, subject to the
condition that on or before December 15, 2008, Insmed must evidence
a closing bid price of $1.00 or more for a minimum of ten
consecutive business days. The Panel's determination follows a
hearing held on July 31, 2008 at which the Panel considered the
Company's plan to regain compliance with NASDAQ's minimum bid price
requirement. Should the Company be unable to meet the requirements
of the Panel's decision, its securities would be subject to
delisting from The NASDAQ Stock Market. 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. Investor Relations Contact: Matt Duch - FD
212-850-5758 Corporate Communications Contact: John Procter -
Gibraltar Associates 202-879-5808 DATASOURCE: Insmed Inc. CONTACT:
Investor Relations, Matt Duch, FD, +1-212-850-5758, ; or Corporate
Communications, John Procter, Gibraltar Associates,
+1-202-879-5808, Web site: http://www.insmed.com/
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