Insmed Announces That NASDAQ Further Extends Temporary Suspension of Minimum Bid Closing Price Rule
25 Mars 2009 - 1:00PM
PR Newswire (US)
RICHMOND, Va., March 25 /PRNewswire-FirstCall/ -- Insmed Inc.
(NASDAQ: INSM), a developer of follow-on biologics (FOB) and
biopharmaceuticals, today announced that on Monday, March 23, 2009,
NASDAQ issued a notice further extending the suspension of the
rules requiring a minimum $1 closing bid price and those rules
requiring a minimum market value of publicly held shares (MVPHS).
The suspension will remain in effect through Friday, July 17, 2009,
and the original rules will be reinstated on Monday, July 20, 2009.
Based on NASDAQ's previous extension notice of the suspension of
these rules on Friday, December 19, 2008, the original rules were
due to be reinstated on Monday, April 20, 2009. 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 closing conditions under our agreement with
Merck & Co., Inc. may not be met, 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 continuing efforts to grow the business and develop IPLEX(TM)
may be unsuccessful, the actual market for MMD may not actually
match up with our external assessment, 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 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. 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 Media Relations Contact:
Irma Gomez-Dib - FD 212-850-5761 DATASOURCE: Insmed Inc. CONTACT:
Investor Relations, Brian Ritchie, +1-212-850-5683, , or Media
Relations, Irma Gomez-Dib, +1-212-850-5761, , both of FD Web Site:
http://www.insmed.com/
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