Endologix Receives Nasdaq Letter on Director Independence
June 12 2009 - 7:22PM
PR Newswire (US)
IRVINE, Calif., June 12 /PRNewswire-FirstCall/ -- Endologix, Inc.
(NASDAQ: ELGX), developer of minimally invasive treatments for
aortic disorders, today announced that on June 12, 2009, the
Company received written notification from Nasdaq that the Company
was no longer in compliance with Marketplace Rule 4350(c), which
addresses independent director requirements. In order to meet the
requirements of this rule, the Company must maintain a board which
is comprised of a majority of independent directors. Following the
Company's Annual Meeting of Shareholders on June 11th, 2009, the
current board composition reflects three independent and three
non-independent directors. Consistent with Marketplace Rule 4350(c)
(1), Nasdaq will provide the company a cure period in order to
regain compliance until the earlier of the Company's next annual
shareholders' meeting or June 11, 2010. The Company is currently
engaged in a search for a new independent director and fully
expects to fulfill Nasdaq's independent director requirements
within the allotted cure period. The Company must submit to Nasdaq
documentation, including biographies of any new directors,
evidencing compliance within the allotted cure period. In the event
the Company does not regain compliance within this cure period,
Nasdaq rules require Staff to provide written notification to the
Company that its securities will be delisted. At that time, the
Company may appeal the delisting determination to a Listing
Qualifications Panel. About Endologix Endologix, Inc. develops and
manufactures minimally invasive treatments for aortic disorders.
The Company's flagship product is the Powerlink(R) System, which is
an endovascular stent graft for the treatment of abdominal aortic
aneurysms (AAA). AAA is a weakening of the wall of the aorta, the
largest artery in the body, resulting in a balloon-like
enlargement. Once AAA develops, it continues to enlarge and, if
left untreated, becomes increasingly susceptible to rupture. The
overall patient mortality rate for ruptured AAA is approximately
75%, making it a leading cause of death in the U.S. Additional
information can be found on Endologix's Web site at
http://www.endologix.com/. Except for historical information
contained herein, this news release contains forward-looking
statements, specifically with respect to the fulfillment of Nasdaq
independent director requirements, which are necessarily subject to
risks and uncertainties, all of which are difficult or impossible
to predict accurately and many of which are beyond the control of
Endologix. The Company undertakes no obligation to update its
forward looking statements. Please refer to the Company's Annual
Report on Form 10-K for the year ended December 31, 2008, and the
Company's other filings with the Securities and Exchange
Commission, for more detailed information regarding risks and other
factors that may cause actual results to differ materially from
those expressed or implied. COMPANY CONTACT: INVESTOR CONTACTS:
Endologix, Inc. The Ruth Group John McDermott, CEO Nick Laudico
(646) 536-7030 (949) 595-7200 Zack Kubow (646) 536-7020
http://www.endologix.com/ DATASOURCE: Endologix, Inc. CONTACT: John
McDermott, CEO, Endologix, Inc., +1-949-595-7200; or Investors,
Nick Laudico, +1-646-536-7030 or Zack Kubow, +1-646-536-7020, both
of The Ruth Group Web Site: http://www.endologix.com/
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