North American Scientific (MM) (NASDAQ:NASI)
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North American Scientific, Inc. (Nasdaq:NASI) today announced that it
received a letter from The Nasdaq Stock Market (“Nasdaq”)
dated December 11, 2007 providing formal notice that the Nasdaq Listing
Qualifications Panel has granted the Company’s
request for a transfer from the Nasdaq Global Market to the Nasdaq
Capital Market, and continued listing on the Nasdaq Capital Market,
subject to the following exception:
On or before January 17, 2008, the Company shall inform the Panel that
it has received funds sufficient to put it in compliance with the
Capital Market shareholders’ equity
requirement of $2.5 million. Within four business days of the receipt
of the funds, the Company shall make a public disclosure of receipt of
the funds and file a Form 8-K with pro forma financial information
indicating that it plans to report shareholders’
equity of $2.5 million or greater for the fiscal year ended October
31, 2007.
On or before January 31, 2008, the Company shall file its Form 10-K
for the fiscal year ended October 31, 2007 which shall demonstrate
shareholder’s equity of $2.5 million or
greater.
The Company’s presentation and pro forma
projections convinced the Panel that the fund raising activities being
undertaken by the Company would allow it to regain compliance with the
Global Market shareholder’s equity
requirement within a reasonable period of time, and will also qualify
the Company for listing on the Capital Market. While the launch of the
Company’s new product, coupled with growth in
sales of its core business, may also allow the Company to maintain
compliance with Global Market standards over the longer term, the
Company has requested a transfer to the Capital Market, where it need
maintain only a $2.5 million shareholder equity minimum. The Panel
agreed with the Company that a move to the Capital Market is a prudent
move that would serve the Company and investors well.
The Company’s listing on the Nasdaq Capital
Market is contingent upon the successful completion of an application
and review process. That process will require the Company to file an
application for listing on the Nasdaq Capital Market and pay any
applicable fees by no later than December 18, 2007. In order to fully
comply with the terms of this exception, the Company must be able to
demonstrate compliance with all requirements for continued listing on
The Nasdaq Capital Market and gain approval of its listing application.
In the event the Company is unable to do so, its securities may be
delisted from The Nasdaq Stock Market.
About North American Scientific
North American Scientific is a leader in 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 in 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 offer
the more advanced form 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.