RICHMOND, Va., Feb. 28 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a developer of follow-on biologics and biopharmaceuticals, today announced that on February 27, 2008, it received a letter from the Nasdaq Listings Qualifications Panel (the "Panel") stating that the Panel has determined to transfer the listing of the Company's shares from the Nasdaq Global Market to the Nasdaq Capital Market, effective at the open of the market on Friday, February 29, 2008. The Nasdaq Capital Market is one of the three market tier designations for Nasdaq-listed stock, and presently includes over 500 companies. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market. It is not related to, nor does it operate similarly to the over-the-counter markets, including the OTCBB and Pink Sheets. Securities listed on the Nasdaq Capital Market satisfy all applicable qualification requirements for Nasdaq securities and all companies listed on the Nasdaq Capital Market must meet certain financial requirements and adhere to Nasdaq's corporate governance standards. Insmed's trading symbol will remain "INSM."
The determination is the result of a hearing between Insmed and the Panel on January 24, 2008, regarding Insmed's non-compliance with Marketplace Rule 4405(a)(5), the minimum bid price requirement of $1.00 per share, a continued listing requirement of Nasdaq. Once Insmed's securities are transferred to the Nasdaq Capital Market, it will have until June 12, 2008, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. Should the Company not regain compliance by this date, its shares shall be delisted from the Nasdaq Capital Market. Following such delisting, the Company's common stock could be eligible to trade on the OTCBB or the Pink Sheets.
Insmed Inc. is a biopharmaceutical company with unique protein process
development and manufacturing experience and a proprietary protein
|SOURCE Insmed Inc.|
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