IRVINE, Calif., June 12 /PRNewswire-FirstCall/ -- Endologix, Inc. (Nasdaq: ELGX), developer of minimally invasive treatments for aortic disorders, today announced that on June 12, 2009, the Company received written notification from Nasdaq that the Company was no longer in compliance with Marketplace Rule 4350(c), which addresses independent director requirements.
In order to meet the requirements of this rule, the Company must maintain a board which is comprised of a majority of independent directors. Following the Company's Annual Meeting of Shareholders on June 11th, 2009, the current board composition reflects three independent and three non-independent directors. Consistent with Marketplace Rule 4350(c) (1), Nasdaq will provide the company a cure period in order to regain compliance until the earlier of the Company's next annual shareholders' meeting or June 11, 2010.
The Company is currently engaged in a search for a new independent director and fully expects to fulfill Nasdaq's independent director requirements within the allotted cure period.
The Company must submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance within the allotted cure period. In the event the Company does not regain compliance within this cure period, Nasdaq rules require Staff to provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Listing Qualifications Panel.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's flagship product is the Powerlink(R) System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix's Web site at www.endologix.com.
Except for historical information contained herein, this news release contains forward-looking statements, specifically with respect to the fulfillment of Nasdaq independent director requirements, which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix. The Company undertakes no obligation to update its forward looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and the Company's other filings with the Securities and Exchange Commission, for more detailed information regarding risks and other factors that may cause actual results to differ materially from those expressed or implied.
COMPANY CONTACT: INVESTOR CONTACTS: Endologix, Inc. The Ruth Group John McDermott, CEO Nick Laudico (646) 536-7030 (949) 595-7200 Zack Kubow (646) 536-7020 www.endologix.com
|SOURCE Endologix, Inc.|
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