Osiris Receives Notice of Delisting from NASDAQ
March 10 2017 - 5:30PM
Osiris Therapeutics, Inc. (NASDAQ:OSIR) (the “Company”) announced
today that the Company received a letter from the NASDAQ Stock
Market (“NASDAQ”) stating that trading of the Company’s common
stock will be suspended at the opening of business on Tuesday,
March 14, 2017. The letter also states that NASDAQ will file a Form
25 with the SEC to formally delist the Company’s securities from
NASDAQ, to become effective ten days after filing.
The Company currently anticipates that its common
stock will be quoted on the Pink OTC Markets Inc. system, referred
to as the “pink sheets.” However, there can be no assurance that a
market maker will apply to quote the Company’s common stock or that
the Company’s common stock will become eligible for the pink
sheets.
The Company is working diligently to complete its
previously announced restatement of prior period financial
statements, transition to a new independent registered public
accounting firm and conclude its 2015 and 2016 audits so that it
will be in a position to bring its SEC filings up to date. The
Company intends to seek to relist its common stock on NASDAQ or
another national securities exchange as soon as possible once it
becomes current in its reporting obligations. There can be no
assurance regarding the timing or ultimate outcome of this process
or the ability of the Company to relist its common stock on NASDAQ
or another national securities exchange.
The Company is making this announcement in
compliance with NASDAQ Listing Rule 5810(b), which requires prompt
disclosure of receipt of a Staff Delisting Determination.
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
the timing of the timing of the suspension and delisting of the
Company’s common stock, the timing of the filing of the Company’s
delinquent periodic reports with the SEC or the timing and ability
of the Company to relist its common stock on NASDAQ or another
national securities exchange. 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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