Osiris Provides Update Regarding NASDAQ Listing Matters
November 21 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, the Company received notifications 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 and
its Quarterly Reports on Form 10-Q for the quarters ended March 31,
2016 and June 30, 2016, the Company failed to comply with the
periodic filing requirements in NASDAQ Listing Rule 5250(c)(1) (the
“NASDAQ Listing Rule”). On November 15, 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 September 30, 2016, which represented an additional
basis for non-compliance with the NASDAQ Listing Rule.
On November 10, 2016, the Company participated in a hearing
before the NASDAQ Hearings Panel (the “Hearings Panel”) in
connection with the Company’s late filings and the Company’s
anticipated financial restatement relating to prior periods.
At the hearing, the Company requested that the Hearings Panel grant
the Company additional time to file its delinquent reports with the
SEC and regain compliance with NASDAQ’s continued listing
requirements, though any such additional time granted is at the
sole discretion of the Hearings Panel and cannot be assured.
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 will be
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 Annual Report on Form 10-K
for the year ended December 31, 2015 and its Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2016, June 30, 2016 and
September 30, 2016. 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 SavoieOsiris Therapeutics, Inc.(443)
545-1834 OsirisPR@Osiris.com
Osiris Therapeutics, Inc. (NASDAQ:OSIR)
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