Molecular Insight Pharmaceuticals Receives NASDAQ Notification Letters
October 08 2010 - 8:00AM
Marketwired
Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a
biopharmaceutical company discovering and developing targeted
therapeutic and imaging radiopharmaceuticals for use in oncology,
announced that the Company has received two letters from The NASDAQ
Stock Market regarding deficiencies relating to NASDAQ Rules.
On October 7, 2010, NASDAQ notified Molecular Insight that the
Company's Market Value of Publicly Held Shares (MVPHS) for the
prior 30 consecutive business days did not meet the minimum of $15
million required by Listing Rule 5450(b)(2)(C) for continued
listing on the NASDAQ Global Market. On October 6, 2010, NASDAQ
notified the Company that for the 30 consecutive business days
preceding the date of the letter, the Company's listed securities
did not maintain a minimum bid price of $1.00 per share, as
required by Listing Rule 5450(a)(1).
In accordance with NASDAQ Marketplace Rules, Molecular Insight
has a grace period of 180 calendar days to regain compliance.
NASDAQ will deem the Company to have regained compliance with the
minimum MVPHS requirement if the Company's MVPHS closes at $15
million or more for a minimum of 10 consecutive business days prior
to April 5, 2011. Similarly, the Company will regain compliance
with the minimum bid price rule if the Company's security closes at
$1.00 per share or more for at least 10 consecutive business days
prior to April 4, 2011.
The Company's common stock will continue to trade on the NASDAQ
Global Market under the symbol "MIPI" during the grace periods.
Previously on June 24, 2010, NASDAQ notified Molecular Insight
of its deficiency under the minimum $50 million Market Value of
Listed Securities requirement for continued listing on the NASDAQ
Global Market pursuant to Listing Rule 5450(b)(2)(A). The Company
has a grace period to regain compliance of this requirement prior
to December 21, 2010.
Molecular Insight intends to actively monitor the market value
of its publicly held share price and the bid price in the coming
months and will consider available options to resolve the
deficiencies and regain compliance with the applicable NASDAQ
rules. If the Company cannot regain compliance with these rules,
the Company's securities will be subject to delisting.
About Molecular Insight Pharmaceuticals,
Inc. Molecular Insight Pharmaceuticals is a clinical-stage
biopharmaceutical company and pioneer in molecular medicine. The
Company is focused on the discovery and development of targeted
therapeutic and imaging radiopharmaceuticals for use in oncology.
Molecular Insight has five clinical-stage candidates in
development. For further information on Molecular Insight
Pharmaceuticals, please visit www.molecularinsight.com.
Forward-Looking Statements Statements in
this release that are not strictly historical in nature constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about the impact of the NASDAQ
letters on the listing and trading of our stock, plans to regain
compliance with continued listing on the NASDAQ Global Market, and
potential delisting of our stock. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause the actual results of Molecular Insight to be
materially different from historical results or from any results
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, risks and uncertainties or
delays in regaining compliance with continued listing requirements
to be listed on the NASDAQ Global Market or the NASDAQ Capital
Market and the additional risks discussed in filings with the
Securities and Exchange Commission (SEC). The Company's SEC filings
are available through the SEC's Electronic Data Gathering Analysis
and Retrieval system (EDGAR) at http://www.sec.gov/. Press releases
for Molecular Insight Pharmaceuticals, Inc. are available on our
website: http://www.molecularinsight.com/. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and Molecular Insight undertakes no obligation to revise
or update this release to reflect events or circumstances after the
date hereof.
Contact: Investors Charles H. Abdalian, Jr. Senior Vice
President of Finance Chief Financial Officer (617) 871-6618
cabdalian@molecularinsight.com Media Martin A. Reynolds
Manager Corporate Communications (617) 871-6734
mreynolds@molecularinsight.com Susan Pietropaolo BCC Partners (201)
923-2049 spietropaolo@bccpartners.com
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