BOTHELL, Wash., July 17 /PRNewswire-FirstCall/ -- Sonus Pharmaceuticals, Inc. (Nasdaq: SNUS) today announced that it received a notice from the NASDAQ Listing Qualifications Hearings Panel on July 16, 2008 indicating that the NASDAQ Panel has determined to grant Sonus' request to continue the listing of its securities on The NASDAQ Global Market. The Company's continued listing on NASDAQ is subject to its compliance with certain conditions by August 29, 2008, including the implementation of a reverse stock split, the completion of its planned merger with OncoGenex Technologies Inc., and approval from NASDAQ of the combined entity's application for initial listing on The NASDAQ Capital Market upon completion of the merger.
"This extension provides the time to implement the resolutions we have proposed to shareholders, including the issuance of shares to consummate the merger with OncoGenex and the reverse stock split, which together we believe will better position the new company to maintain listing on The NASDAQ Capital Market. All of which we believe are in the best interests of shareholders," said Michael A. Martino, President and CEO.
The NASDAQ Panel's exception is subject to certain conditions, such as
requiring Sonus to inform the NASDAQ Panel of any significant events that
may impact Sonus' ability to maintain compliance with the NASDAQ listing
requirements or the exception deadline, and is subject to review by the
NASDAQ Listing and Hearing Review Council for a period of 45 days from the
date of the NASDAQ Panel's determination letter. Sonus expects to be able
to comply with the NASDAQ Panel's conditions for continued listing on The
NASDAQ Global Market; however, there can be no assurance that Sonus will be
able to d
|SOURCE Sonus Pharmaceuticals, Inc.|
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