Extension until February 3, 2009 to meet continued listing criteria
ROCHESTER, N.Y., Oct. 9 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP) today announced that the Nasdaq Hearings Panel has granted the Company's request to remain listed on the Nasdaq Capital Market and has allowed the Company until February 3, 2009 to regain compliance with the minimum bid price. The Panel's decision represents the full extent of the Panel's authority to grant an exception pursuant to Marketplace Rule 4802(b). The Company's hearing before the Panel was held on September 18, 2008. The decision of the Panel to grant the Company's request for continued listing is subject to the condition that the Company must have evidenced a closing bid price of $1.00 or more for a minimum of ten consecutive trading days by February 3, 2009. In the event the Company does not comply with these conditions, its common stock may be suspended from The Nasdaq Capital Market.
"We are very pleased with the Panel's decision to grant us additional time to regain compliance," stated Ms. Molly Henderson, Chief Business and Financial Officer of VirtualScopics, Inc. She further added, "The extension allows the market time to react as we continue to deliver on our stated 2008 financial objectives. We believe the company is well positioned to capitalize on the opportunities within the industry and are confident that we have built a strong foundation for a profitable business."
As previously announced, the Company requested a hearing before the
Nasdaq Hearings Panel following its receipt on August 7, 2008 of a Staff
Deficiency Letter from the Nasdaq Stock Market notifying it that it no
longer meets The Nasdaq Stock Market's minimum bid price requirement f
|SOURCE VirtualScopics, Inc.|
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