Osiris Provides Update Regarding NASDAQ Listing Matters
August 17 2016 - 5:00PM
Osiris Therapeutics, Inc. (NASDAQ:OSIR) (the “Company”) today
provided an update regarding the status of its compliance with the
Listing Rules of the NASDAQ Stock Market (“NASDAQ”).
As previously disclosed, on each of March 17, 2016 and May 12,
2016 the Company received a notification from NASDAQ indicating
that, as a result of the Company not timely filing with the
Securities and Exchange Commission (“SEC”) its Annual Report on
Form 10-K for the year ended December 31, 2015 (“2015 Form 10-K”)
and its Quarterly Report on Form 10-Q for the quarter ended March
31, 2016 (“Q1 2016 Form 10-Q”), respectively, the Company failed to
comply with the periodic filing requirements in NASDAQ Listing Rule
5250(c)(1) (the “NASDAQ Listing Rule”). On August 12, 2016, the
Company received an anticipated letter from NASDAQ noting that the
Company had not timely filed with the SEC its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2016 (“Q2 2016
Form 10-Q”), which represented an additional basis for
non-compliance with the NASDAQ Listing Rule. The Company
previously submitted to the NASDAQ listing qualifications staff a
plan to regain compliance with NASDAQ’s continued listing
requirements and, on May 24, 2016, NASDAQ granted an exemption to
the NASDAQ Listing Rule, extending the deadline until September 12,
2016 for the Company to file all delinquent reports with the SEC,
including the Company’s 2015 Form 10-K, Q1 2016 Form 10-Q and Q2
2016 Form 10-Q.
The Company is continuing to work diligently to complete its
previously announced accounting reviews, restatements of prior
period financial statements, transition to a new independent
registered public accounting firm and 2015 audit so that it is in a
position to bring its SEC filings up to date. However,
there can be no assurance regarding the timing or ultimate outcome
of this process or the ability of the Company to successfully
maintain its NASDAQ listing.
The Company is making this announcement in compliance with
NASDAQ Listing Rule 5810(b), which requires prompt disclosure of
receipt of a noncompliance letter.
About Osiris Therapeutics
Osiris Therapeutics, Inc., based in Columbia, Maryland, is a
world leader in researching, developing and marketing regenerative
medicine products that improve health and lives of patients and
lower overall healthcare costs. Having developed the world's first
approved stem cell drug, the company continues to advance its
research and development in biotechnology by focusing on innovation
in regenerative medicine - including bioengineering, stem cell
research and viable tissue based products. Osiris has
achieved commercial success with products in orthopaedics, sports
medicine and wound care, including BIO4®, Cartiform®, Grafix®,
TruSkin ™ and Stravix™.
Osiris, Grafix, and Cartiform are registered trademarks of
Osiris Therapeutics, Inc.; TruSkin and Stravix are trademarks of
Osiris Therapeutics, Inc. BIO4® is a trademark of Howmedica
Osteonics Corp. More information can be found on the company's
website, www.Osiris.com. (OSIR-G)
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements about our
expectations, beliefs, plans, objectives, intentions, assumptions
and other statements that are not historical facts. Words or
phrases such as "anticipate," "believe," "continue," "ongoing,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project" or similar words or phrases, or the negatives
of those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements may include, without limitation, statements regarding
any of the following: the outcome of the NASDAQ listing
qualification deficiency process, including the ability of the
Company to successfully maintain its NASDAQ listing; the outcome of
the restatements, including the materiality, significance, nature,
subject matter, timing or quantitative effects of the Company’s
restated financial statements; the timing of the transition to a
new independent registered public accounting firm; the completion
of the audit of the Company’s 2015 financial statements; and the
timing of the filing of the Company’s 2015 Form 10-K, Q1 2016 Form
10-Q and Q2 2016 Form 10-Q. Forward-looking statements are subject
to known and unknown risks and uncertainties and are based on
potentially inaccurate assumptions that could cause actual results
to differ materially from those expected or implied by the
forward-looking statements. Our actual results could differ
materially from those anticipated in forward-looking statements for
many reasons, including the factors described in the section
entitled "Risk Factors" in our Annual Report on Form 10-K and other
Periodic Reports filed on Form 10-Q, with the SEC.
Accordingly, you should not unduly rely on these forward-looking
statements. We undertake no obligation to publicly revise any
forward-looking statement to reflect circumstances or events after
the date of this press release or to reflect the occurrence of
unanticipated events.
For additional information, please contact:
Diane Savoie
Osiris Therapeutics, Inc.
(443) 545-1834
OsirisPR@Osiris.com
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