Osiris Provides Update Regarding NASDAQ Listing Matters
December 02 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 participated in a hearing
before the NASDAQ Hearings Panel (the “Hearings Panel”) on November
10, 2016 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 Securities and Exchange Commission (the “SEC”) and
regain compliance with NASDAQ’s continued listing requirements.
On December 1, 2016, the Company received a decision letter from
NASDAQ’s Office of General Counsel stating that the Hearings Panel
has granted the Company’s request and, accordingly, the Company’s
common stock will continue to trade on the NASDAQ Stock Market
provided that the Company becomes current in its periodic filings
with the SEC on or before March 10, 2017. The letter stated that
March 10, 2017 represents the full extent of the Hearing Panel’s
discretion to grant continued listing while the Company is
non-compliant.
The Company is continuing to work diligently to complete its
previously announced accounting reviews, restatement 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 file its delinquent periodic reports with the SEC
as soon as possible. However, there can be no assurance that the
Company will be able to complete all of this work and become
current in its SEC filings by March 10, 2017. If the Company is not
able to file all of its delinquent periodic reports with the SEC by
March 10, 2017, then the Hearings Panel will issue a final delist
determination and the Company will be suspended from trading on the
NASDAQ Stock Market. 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.
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 delisting process;
the ability of the Company to successfully maintain its NASDAQ
listing; the outcome of the restatement, 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 Savoie
Osiris Therapeutics, Inc.
(443) 545-1834
OsirisPR@Osiris.com
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