North American Scientific Regains Compliance on Nasdaq Capital Market
October 27 2008 - 8:00AM
Business Wire
North American Scientific, Inc. (Nasdaq:NASM), referred to herein
as �the Company�, today announced that it received a letter from
The Nasdaq Stock Market (�Nasdaq�) dated October 24, 2008
indicating that the Company is in compliance with the minimum $2.5
million stockholders� equity requirement for continued listing. As
a result of regaining compliance with Nasdaq Marketplace Rules, The
Nasdaq Listing Qualifications Panel has determined that the hearing
scheduled for October 30, 2008 is no longer necessary. The
Company�s common stock will continue to be listed on The Nasdaq
Capital Market and will continue to trade under the symbol �NASM.�
In a related matter, the Company received a letter from Nasdaq
dated October 22, 2008 notifying the Company that Nasdaq has
suspended enforcement of the bid price and market value of publicly
held shares requirements through Friday, January 16, 2009. All
companies presently in a bid price or market value of publicly held
shares compliance period will remain at that same stage of the
process and will not be subject to being delisted for these
concerns. These rules will be reinstated on Monday, January 19,
2009 and the first relevant trade date will be Tuesday, January 20,
2009. The Company is currently in a bid price compliance period and
as a result of this suspension, the Company will have until May 26,
2009 to regain compliance by achieving a $1 closing bid price for a
minimum of 10 consecutive trading days. 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 2009. 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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