PreMD Receives Notice from the American Stock Exchange
April 25 2007 - 1:11PM
PR Newswire (US)
TORONTO, April 25 /PRNewswire-FirstCall/ -- Predictive medicine
company PreMD Inc. (TSX: PMD; Amex: PME) ("PreMD") today announced
it received a letter from the American Stock Exchange (AMEX)
stating that AMEX has determined that PreMD is not in compliance
with certain continued listing standards, as set forth in Part 10
of the AMEX Company Guide (the "Company Guide"), and therefore has
become subject to the procedures and requirements of Section 1009
of the Company Guide. Specifically, PreMD is not in compliance with
section 1003(a)(i) of the Company Guide with shareholders' equity
of less than US $2,000,000 and losses from continuing operations
and/or net losses in two out of its three most recent fiscal years;
section 1003(a)(ii) of the Company Guide with shareholders' equity
of less than US $4,000,000 and losses from continuing operations
and/or net losses in three out of its four most recent fiscal
years; and section 1003(a)(iii) of the Company Guide with
shareholders' equity of less than US $6,000,000 and losses from
continuing operations and/or net losses in its five most recent
fiscal years. This letter does not impact PreMD's listing on the
Toronto Stock Exchange (TSX). In order to maintain its AMEX
listing, PreMD must submit a business plan to the AMEX by May 24,
2007, advising AMEX of the action PreMD has taken, or will take, to
bring it into compliance with the relevant continued listing
standards within a maximum of 18 months. If, after evaluation by
the Listing Qualifications Department, the AMEX determines that
PreMD's plan provides a reasonable demonstration of an ability to
regain compliance with the continued listing standards within 18
months, PreMD's plan will be accepted and PreMD may be permitted to
continue its listing during the plan period. During this time,
PreMD will be subject to periodic review to determine whether it is
making progress consistent with its plan. "This notice is based on
our financial reports for the period ended December 31, 2006. Since
that time, we have completed a private placement for gross proceeds
of CDN $3,879,965, which will be reflected in our first quarter
financials. We have already taken some actions that would lead us
towards compliance, which will be reflected in the business plan we
submit to the Exchange," said Dr. Norton, President and Chief
Executive Officer of PreMD. "In regard to the business, we continue
to make steady progress and remain on track with our 2007 stated
objectives which include: entering into strategic partnerships for
PREVU(x) and for our complete line of oncology products, expanding
the market for PREVU(x), as well as advancing our cancer clinical
program. We believe we are well positioned for continued growth."
About PreMD PreMD Inc. is a leader in predictive medicine,
dedicated to developing rapid, non-invasive tests for the early
detection of life-threatening diseases. PreMD's cardiovascular
products are branded as PREVU(x) Skin Cholesterol Test. The
company's cancer tests include ColorectAlert(TM), LungAlert(TM) and
a breast cancer test. PreMD's head office is located in Toronto,
Ontario and its research and product development facility is at
McMaster University in Hamilton, Ontario. For further information,
please visit http://www.premdinc.com/. This press release contains
forward-looking statements. These statements involve known and
unknown risks and uncertainties, which could cause the Company's
actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include,
among others, the success of a plan for regaining compliance with
certain continued listing standards of the American Stock Exchange,
successful development or marketing of the Company's products, the
competitiveness of the Company's products if successfully
commercialized, the lack of operating profit and availability of
funds and resources to pursue R&D projects, the successful and
timely completion of clinical studies, product liability, reliance
on third-party manufacturers, the ability of the Company to take
advantage of business opportunities, uncertainties related to the
regulatory process, and general changes in economic conditions. In
addition, while the Company routinely obtains patents for its
products and technology, the protection offered by the Company's
patents and patent applications may be challenged, invalidated or
circumvented by our competitors and there can be no guarantee of
our ability to obtain or maintain patent protection for our
products or product candidates. Investors should consult the
Company's quarterly and annual filings with the Canadian and U.S.
securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors
are cautioned not to rely on these forward-looking statements.
PreMD is providing this information as of the date of this press
release and does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise. (x)Trademark
DATASOURCE: PreMD Inc. CONTACT: Brent Norton, President and CEO,
Tel: (416) 222-3449 ext. 22, Email: ; Ron Hosking, Vice President
Finance and CFO, Tel: (416) 222-3449 ext. 24, Email: ; Rhonda
Chiger, Rx Communications Group, LLC, Tel : (917) 322-2569, Email:
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