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,
including statements relating to planned clinical study design, regulatory
and business strategies, strategic alternatives, 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 strategic alternatives may never be
consummated, 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, we may be
unable to secure an appropriate business partner for our follow-on
biologics business, our common stock could be delisted from The NASDAQ
Capital Market and other risks and challenges detailed in the Company's
filings with the U.S. Securities and Exchange Commission, including the
Company's 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. The Company
undertakes 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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