RICHMOND, Va., June 21 /PRNewswire-FirstCall/ -- Insmed
Incorporated (NASDAQ CM: INSM), a biopharmaceutical company, today
announced that on June 18, 2010 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 5550(a)(2).
In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), Insmed
will be provided 180 calendar days, or until December 15, 2010, 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 the Company is unsuccessful in meeting the minimum bid
requirement during this initial compliance period, Insmed will
receive written notification from NASDAQ that its securities are
subject to delisting, and at that time the Company may appeal the
delisting determination to a Hearing's Panel. Alternatively,
Insmed may be eligible for an additional grace period of 180
calendar days if the Company meets the initial listing standards,
with the exception of bid price, for The NASDAQ Capital Market.
The NASDAQ Letter received on June 18, 2010 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 appropriate business measures to address compliance
with the continued listing standards of The NASDAQ Stock
Market.
About Insmed
Insmed Inc. is a biopharmaceutical company with unique protein
development 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 business strategies,
plans and objectives of management, 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, we may be unsuccessful in regaining
compliance with the continued listing standards of The NASDAQ Stock
Market and other risks and challenges detailed in our filings with
the U.S. Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31, 2009. 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:
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Brian Ritchie -
FD
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212-850-5683
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brian.ritchie@fd.com
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Media Relations
Contact:
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Irma Gomez-Dib -
FD
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212-850-5761
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irma.gomez-dib@fd.com
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SOURCE Insmed Incorporated