North American Scientific Receives Notice of Non-Compliance From NASDAQ
September 25 2008 - 4:05PM
Business Wire
North American Scientific, Inc. (Nasdaq:NASM), referred to herein
as �the Company,� today announced that it received a notice from
The Nasdaq Stock Market (�Nasdaq�) dated September 22, 2008
indicating that the Company does not comply with the minimum $2.5
million stockholders� equity requirement for continued listing on
The Nasdaq Capital Market as set forth under Marketplace Rule
4310(c)(3). In addition, the Company does not comply with the
minimum $35 million market value of listed securities or $500,000
of net income from continuing operations for the most recently
completed fiscal year or two of the three most recently completed
fiscal years for continued listing. The Nasdaq Rules permit an
issuer that is deficient in stockholders� equity to present a plan
of compliance to Staff. However, no such plan is permitted if an
issuer again fails to comply with stockholders� equity requirement
within one year of regaining compliance with that requirement
pursuant to an exception (the �Compliance Letter�) by the Nasdaq
Listing Qualifications Panel (the �Panel�). The Company received
such Compliance Letter from the Panel on February 6, 2008 when it
transferred its listing from Nasdaq Global Market to the Nasdaq
Capital Market. The Company intends to request an appeal of this
determination by September 29, 2008. Upon Nasdaq�s receipt of a
timely hearing request by the Company, it will �stay� the delisting
of the Company�s common stock pending the Panel�s decision. If the
Company decides not to appeal the Nasdaq�s Staff delisting
determination, or if the Panel denies the appeal, the Company�s
securities will be removed from listing and registration on The
Nasdaq Stock Market. If the Company is delisted, the Company
expects that its common stock will trade on the OTC Bulletin Board
and/or the �Pink Sheets� following the approval of an application
by one or more market makers to continue quoting in the Company�s
common stock. About North American Scientific North American
Scientific, operating under the name NAS Medical, is a leader in
applying radiation therapy in the fight against cancer. Its
innovative products provide physicians with tools for the treatment
of various types of cancers. They include Prospera� brachytherapy
seeds and SurTRAK� needles and strands used primarily in the
treatment of prostate cancer. In addition, the Company has been
gaining clinical experience with its first generation ClearPath�
multi-channel catheter breast brachytherapy devices since 2007, and
intends to launch the second generation devices in 2008. They are
the only such devices approved for both high dose and continuous
release, or low dose, radiation treatments. The devices are
designed to provide flexible, precise dose conformance and an
innovative delivery system that is intended to improve the delivery
of brachytherapy for the treatment of breast cancer. Please visit
www.nasmedical.com for more information. Statements included in
this release that are not historical facts may be considered
forward-looking statements that are subject to a variety of risks
and uncertainties. There are a number of important factors that
could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company
including, but not limited to, the impact of competitive products
and pricing, technological changes, changes in relationships with
strategic partners and dependence upon strategic partners for the
performance of critical activities under collaborative agreements,
the ability of the Company to successfully directly market and sell
its products, uncertainties relating to patent protection and
regulatory approval, the stable supply of appropriate isotopes,
research and development estimates, market opportunities, risks
associated with strategic opportunities or acquisitions the Company
may pursue and the risk factors included in the Company�s filings
with the Securities and Exchange Commission. Any forward-looking
statements contained in this news release speak only as of the date
of this release, and the Company undertakes no obligation to revise
or update any forward-looking statements, whether as a result of
new information, future results or otherwise.
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