RICHMOND, Va., Dec. 26 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a developer of follow-on biologics and biopharmaceuticals, today announced that it has requested a hearing before a Nasdaq Listing Qualifications Panel to appeal an earlier Staff Determination to delist the Company's common stock from the Nasdaq Global Market.
Insmed received a letter from the Nasdaq Stock Market ("Nasdaq") on December 20, 2007 indicating that the Company has failed to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing of the Company's common stock on the Nasdaq Global Market as set forth in Marketplace Rule 4450(a)(5) (the "Staff Determination"). As a result, the Company's common stock is subject to be delisted from the Nasdaq Global Market on December 31, 2007. Following procedures set forth in the Nasdaq Marketplace Rule 4800 series, Insmed has requested a hearing before a Nasdaq Listing Qualifications Panel (the "Panel") to review the Staff Determination. The hearing request will stay the delisting of the Company's common stock, pending the decision of the Panel, allowing it to continue to trade on the Nasdaq Global Market. There can be no assurance however, that the Panel will grant Insmed's request for continued listing on the Nasdaq Global Market.
In the event that the Panel denies the Company's request for continued listing on the Nasdaq Global Market, the Company's common stock could be eligible to trade on the Nasdaq Capital Market or the OTC Bulletin Board.
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
|SOURCE Insmed Inc.|
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