North American Scientific Receives Notice of Delisting from Nasdaq
March 13 2009 - 9:00PM
Business Wire
North American Scientific, Inc. (Nasdaq: NASM), today announced
that it received a notice from The Nasdaq Stock Market (�Nasdaq�)
dated March 12, 2009 indicating that Nasdaq has determined that the
Company�s securities will be delisted from Nasdaq because the
Company does not comply with Marketplace Rule 4300 and IM-4300 as a
result of the filing by its wholly-owned and operating subsidiary
for protection under Chapter 11 of the U.S. Bankruptcy Code.
The Company does not plan to request an appeal of this
determination and trading of the Company�s common stock will be
suspended at the opening of business on March 23, 2009 and a Form
25-NSE will be filed with the Securities and Exchange Commission
which will remove the Company�s securities from listing and
registration on Nasdaq.
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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