Diomed (AMEX:DIO)
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Diomed Holdings, Inc. (AMEX: DIO
- News), a leading
developer and marketer of minimally invasive medical technologies,
including its patented EVLT®
laser treatment for varicose veins, today announced that it has received
notice from the American Stock Exchange advising the Company that the
AMEX has determined to seek to delist the Company’s
common stock on the basis that the Company has not demonstrated a
reasonable probability that the Company will regain compliance with
Sections 1003(a)(ii) and (iii) of the AMEX Company Guide’s
standards for continued listing on the Exchange. The standards require
that a company maintain at least $4 million in stockholders’
equity if the company has sustained losses from continuing operations in
three of its four most recent fiscal years and at least $6 million in
stockholders’ equity if the company has
sustained losses from continuing operations in its five most recent
fiscal years.
The Company had previously submitted a compliance plan to the AMEX
seeking to demonstrate its ability to regain compliance with these
listing standards by February 3, 2009, the deadline that the AMEX
established for compliance with these listing standards.
In its notice, the AMEX also advised the Company that it has determined
that the low trading price of the Company’
common stock raises concern that the common stock may not be suitable
for auction market trading, which would necessitate a reverse stock
split within a reasonable period of time under Section 1003(f)(v) of the
AMEX Company Guide.
Contemporaneously with the issuance of this press release, the Company
will file a Current Report on Form 8-K with the Securities and Exchange
Commission regarding this matter, which will include further details
regarding the AMEX notice.
About Diomed
Diomed develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and disposable
products. Diomed’s EVLT®
laser vein ablation procedure is used in varicose vein treatments.
Diomed also provides photodynamic therapy (PDT) for use in cancer
treatments, and dental and general surgical applications. The EVLT®
procedure and the Company’s related products
were cleared by the United States FDA in January of 2002. Along with
lasers and single-use procedure kits for its EVLT®
laser vein treatment, the Company provides its customers with state of
the art physician training and practice development support. Additional
information is available on the Company’s
website: www.evlt.com.
EVLT® is a registered trademark of Diomed
Inc., Andover, MA.
Safe Harbor
Safe Harbor statements under the Private Securities Litigation Reform
Act of 1995: Statements in this news release looking forward in time
involve risks and uncertainties, including the risks associated with
trends in the products markets, reliance on third party distributors in
various countries outside the United States, reoccurring orders under
OEM contracts, market acceptance risks, technical development risks and
other risk factors. These statements relate to our future plans,
objectives, expectations and intentions. These statements may be
identified by the use of words such as "may," "will," "should,"
"potential," "expects," "anticipates," "intends," "plans," "believes"
and similar expressions. These statements are based on our current
beliefs, expectations and assumptions and are subject to a number of
risks and uncertainties. Our actual results could differ materially from
those discussed in these statements. Our 2006 Annual Report on Form SEC
10-KSB (the "Annual Report") contains a discussion of certain of the
risks and uncertainties that affect our business. We refer you to the
"Risk Factors" on pages 19 through 34 of the Annual Report for a
discussion of certain risks, including those relating to our business as
a medical device company without a significant operating record and with
operating losses, our risks relating to our commercialization of our
current and future products and applications and risks relating to our
common stock and its market value. Diomed disclaims any obligation or
duty to update or correct any of its forward-looking statements.