Insmed Receives NASDAQ Deficiency Notice Relating to Minimum Bid Price
16 Septembre 2009 - 10:15PM
PR Newswire (US)
RICHMOND, Va., Sept. 16 /PRNewswire-FirstCall/ -- Insmed
Incorporated (Nasdaq CM: INSM), a biopharmaceutical company, today
announced that on September 15, 2009 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 March 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 Insmed is unsuccessful
in meeting the minimum bid requirement during this initial
compliance period, the Company 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, the Company 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 September
15, 2009 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
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 in the
future our common stock may not meet the standards for continued
listing on 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, 2008. 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 Incorporated CONTACT: Brian
Ritchie, +1-212-850-5683, , or Irma Gomez-Dib, +1-212-850-5761, ,
both of FD for Insmed Incorporated Web Site: http://www.insmed.com/
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