Company Postpones Special Meeting of Shareholders until further notice
RICHMOND, Va., Oct. 21 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq:
INSM), a developer of follow-on biologics and biopharmaceuticals, today
announced that on Thursday, October 16, 2008 NASDAQ issued a notice that:
-- Effective immediately, NASDAQ has suspended the enforcement of the rules
requiring a minimum $1.00 closing bid price.
-- Effective immediately, NASDAQ has also suspended the enforcement of the
rules requiring a minimum market value of publicly held shares (MVPHS).
-- NASDAQ will not take any action to delist any security for these
concerns during the suspension.
-- The suspension will remain in effect through Friday, January 16, 2009
and the original rules will be reinstated on Tuesday, January 20, 2009.
Prior to the suspension, Insmed had been given until December 15, 2008 to evidence a closing bid price of $1.00 or more for a minimum of 10 consecutive business days to remain listed on The NASDAQ Stock Market.
As a result of the rules suspension the Special Meeting of Shareholders, planned for November 24, 2008 to seek shareholder approval of a reverse split, should the Company need it, has been postponed until further notice.
Insmed will provide further information as it becomes available from NASDAQ.
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,
|SOURCE Insmed Inc.|
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