NUCRYST Receives Deficiency Notice from NASDAQ
September 18 2009 - 5:11PM
PR Newswire (US)
PRINCETON, NJ, Sept. 18 /PRNewswire-FirstCall/ -- NUCRYST
Pharmaceuticals, a developer and manufacturer of medical products
that fight infection and inflammation, today announced that on
September 15, 2009 it received notice from the Nasdaq Stock Market
that it no longer complies with Nasdaq Marketplace Rule 5550(a)(2)
because, for the previous 30 consecutive business days, the bid
price of its common stock had closed below the minimum requirement
of $1.00 per share. Receipt of this notification has no immediate
effect on the NASDAQ listing of the Company's common shares. In
accordance with Marketplace Rule 5810(c)(3)(A), the Company has
until March 15, 2010 to regain compliance, which requires a closing
bid price of the Company's common stock at or above $1.00 per share
for a minimum of 10 consecutive business days. In the event the
Company does not regain compliance within this period, Nasdaq will
issue a written notification that the Company's shares are subject
to delisting. If the Company is not deemed in compliance prior to
March 15, 2010, but demonstrates that it meets all applicable
standards for initial listing on the Nasdaq Capital Market (except
the bid price requirement) on such date, it will be afforded an
additional 180 day compliance period. NUCRYST is currently
evaluating its alternatives to resolve the listing deficiency.
About NUCRYST Pharmaceuticals Corp. NUCRYST Pharmaceuticals Corp.
(NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes
medical products that fight infection and inflammation using
SILCRYST(TM), its patented atomically disordered nanocrystalline
silver technology. NUCRYST licensed world-wide rights for
SILCRYST(TM) wound care coating products to Smith Nephew plc, which
markets these products in over 30 countries under their
Acticoat(TM) trademark. NUCRYST has developed its proprietary
nanocrystalline silver in a powder form, referred to as NPI 32101,
for use in medical devices and as an active pharmaceutical
ingredient. Acticoat(TM) is a trademark of Smith & Nephew plc
SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp. This
news release contains forward-looking statements within the meaning
of securities legislation in the United States and Canada
(collectively "forward-looking statements"). The words "believes",
"expects", "plans", "anticipates", "estimates", "intends",
"projects", "may", "might", "would", "will", "could", "should" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Forward-looking statements in this news
release include, but are not limited to, statements about: the
future plans of our management in relation to resolving our
exchange listing deficiency. With respect to the forward-looking
statements contained in this news release, readers are cautioned
that numerous risks, uncertainties and other factors could cause
our actual results to differ materially from those indicated in
these statements including, but not limited to: the performance of
stock markets generally; our ability to satisfy regulatory and
stock exchange standards and requirements to maintain our exchange
listing; our future operation results are uncertain and likely to
fluctuate; our ability to maintain our collaboration with Smith
Nephew; our reliance on sales of Acticoat(TM) products with our
SILCRYST(TM) coatings by Smith Nephew; future financial performance
and operating performance of Smith Nephew; our ability to retain
existing and obtain new regulatory approvals for any future
products; continued development and market acceptance of new
products; the impact of delays and challenges with new product
introductions; the impact of new product introductions on the sales
of existing products; the impact of competitive products and
pricing; our ability to establish successful commercialization
programs, through new corporate collaborations or otherwise;
changes in currency exchange rates; our ability to protect our
intellectual property rights and to not infringe on the
intellectual property rights of others. Although we have attempted
to identify the important risks, uncertainties and other factors
that could cause actual results or events to differ materially from
those expressed or implied in forward-looking statements, there may
be other factors that cause actual results or events to differ from
those expressed or implied in forward looking statements. For a
more thorough discussion of the risks associated with our business,
see the "Risk Factors" section in our Annual Report on Form 10-K
for the year ended December 31, 2008 and in our Quarterly Report on
Form 10-Q for the quarter ended June 30, 2009, filed with the U.S.
Securities and Exchange Commission on EDGAR at http://www.sec.gov/
and with securities authorities in Canada on SEDAR at
http://www.sedar.com/. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement and
NUCRYST disclaims any intention or obligation to revise or update
any forward-looking statements whether as a result of new
information, future developments or otherwise after the date
hereof. DATASOURCE: NUCRYST Pharmaceuticals Corp. CONTACT: David
Wills, Gillian McArdle, Investor Relations, (416) 504-8464,
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