Molecular Insight Pharmaceuticals Receives NASDAQ Notification Letter
25 Junio 2010 - 7:01AM
Marketwired
Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a
biopharmaceutical company discovering and developing targeted
therapeutic and imaging radiopharmaceuticals for use in oncology,
announced today the Company received a letter from The NASDAQ Stock
Market on June 24, 2010, notifying the Company that for the 30
consecutive business days preceding the date of the letter, the
Company's listed securities did not meet the minimum $50 million
Market Value of Listed Securities requirement for continued listing
on the NASDAQ Global Market pursuant to Listing Rule 5450(b)(2)(A).
This notification does not impact the listing of Molecular
Insight's common stock at this time. In accordance with NASDAQ
Marketplace Rules, Molecular Insight has a grace period of 180
calendar days to regain compliance. NASDAQ will deem the Company to
have regained compliance with such requirement if the Company's
market value of listed securities ("MVLS") closes at $50 million or
more for at least ten consecutive business days prior to December
21, 2010. The Company's common stock will continue to trade on the
NASDAQ Global Market under the symbol "MIPI" during this period.
Molecular Insight intends to actively monitor its MVLS between
now and December 21, 2010, and will consider available options to
resolve the deficiency and regain compliance with the MVLS Rule. In
the event that the Company is unable to regain compliance with the
MVLS Rule prior to December 21, 2010, the Company plans to apply to
transfer its common stock to the NASDAQ Capital Market provided
that it satisfies the requirement for continued listing on that
market. There can be no assurance that the Company will be able to
reestablish or maintain compliance with listing criteria on either
NASDAQ market.
About Molecular Insight Pharmaceuticals,
Inc. Molecular Insight Pharmaceuticals is a clinical-stage
biopharmaceutical company and pioneer in molecular medicine. The
Company is focused on the discovery and development of targeted
therapeutic and imaging radiopharmaceuticals for use in oncology.
Molecular Insight has five clinical-stage candidates in
development. For further information on Molecular Insight
Pharmaceuticals, please visit www.molecularinsight.com.
Forward-Looking Statements Statements in
this release that are not strictly historical in nature constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about the impact of the NASDAQ
letter on the listing and trading of our stock, plans to regain
compliance with continued listing on the NASDAQ Global Market, and
potential transfer to the NASDAQ Capital Market. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results
of Molecular Insight to be materially different from historical
results or from any results expressed or implied by such
forward-looking statements. These factors include, but are not
limited to, risks and uncertainties or delays in regaining
compliance with continued listing requirements to be listed on the
NASDAQ Global Market or the NASDAQ Capital Market and the
additional risks discussed in filings with the Securities and
Exchange Commission (SEC). The Company's SEC filings are available
through the SEC's Electronic Data Gathering Analysis and Retrieval
system (EDGAR) at http://www.sec.gov/. Press releases for Molecular
Insight Pharmaceuticals, Inc. are available on our website:
http://www.molecularinsight.com/. All forward-looking statements
are qualified in their entirety by this cautionary statement, and
Molecular Insight undertakes no obligation to revise or update this
release to reflect events or circumstances after the date
hereof.
Contact: Investors Charles H. Abdalian, Jr. Senior Vice
President of Finance Chief Financial Officer (617) 871-6618
cabdalian@molecularinsight.com Media Martin A. Reynolds
Manager Corporate Communications (617) 871-6734
mreynolds@molecularinsight.com Susan Pietropaolo BCC Partners (201)
923-2049 spietropaolo@bccpartners.com
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