RICHMOND, Va., Dec. 16, 2010 /PRNewswire-FirstCall/ -- Insmed
Incorporated (Nasdaq CM: INSM), a biopharmaceutical company,
announced today that it had received a letter, dated December 16, 2010, from The NASDAQ Stock Market,
notifying Insmed that it has been granted an additional 180-day
compliance period, or until June 13,
2011, to regain compliance with the $1.00 per share minimum bid price rule for
continued listing on The NASDAQ Capital Market, as set forth in
NASDAQ Listing Rule 5550(a)(2).
The NASDAQ Letter states that, pursuant to Listing Rule
5810(c)(3)(A), Insmed is eligible for this additional compliance
period because it meets all other NASDAQ Capital Market initial
listing criteria set forth in Listing Rule 5505. Previously,
on June 18, 2010, Insmed was notified by NASDAQ that it did not
meet the minimum bid price rule required for continued listing and
was provided until December 15, 2010 to achieve compliance.
About Insmed
Insmed Incorporated is a biopharmaceutical company focused on
the development of innovative inhaled pharmaceuticals for the
site-specific treatment of serious lung diseases, and has a
proprietary protein platform aimed at niche markets with unmet
medical need. Insmed's primary focus is on the development of
inhaled antibiotic therapy delivered via proprietary advanced
pulmonary liposome technology in areas of high unmet need in lung
diseases. 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 development of our
products, the business strategies, plans and objectives of
management, or our continued listing on the NASDAQ National Market,
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 developing our product candidates, our expenses may
be higher than anticipated 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 and Quarterly
Report on Form 10-Q for the fiscal quarters ended March 31, 2010, June 30,
2010 and September 30, 2010.
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 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