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 platform aimed at niche markets with unmet medical needs. For more information, please visit http://www.insmed.com.
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 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 entrance into the
follow-on biologics market may be unsuccessful, 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 Quarterly Report on Form 10-Q for the quarter ended September
30, 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
Corporate Communications Contact:
John Procter -- Gibraltar Associates
|SOURCE Insmed Inc.|
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