North American Scientific (MM) (NASDAQ:NASM)
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North American Scientific, Inc. (Nasdaq:NASM), referred to herein as “the
Company,” today announced that it received a
notice from The Nasdaq Stock Market (“Nasdaq”)
dated September 22, 2008 indicating that the Company does not comply
with the minimum $2.5 million stockholders’
equity requirement for continued listing on The Nasdaq Capital Market as
set forth under Marketplace Rule 4310(c)(3). In addition, the Company
does not comply with the minimum $35 million market value of listed
securities or $500,000 of net income from continuing operations for the
most recently completed fiscal year or two of the three most recently
completed fiscal years for continued listing.
The Nasdaq Rules permit an issuer that is deficient in stockholders’
equity to present a plan of compliance to Staff. However, no such plan
is permitted if an issuer again fails to comply with stockholders’
equity requirement within one year of regaining compliance with that
requirement pursuant to an exception (the “Compliance
Letter”) by the Nasdaq Listing Qualifications
Panel (the “Panel”).
The Company received such Compliance Letter from the Panel on February
6, 2008 when it transferred its listing from Nasdaq Global Market to the
Nasdaq Capital Market.
The Company intends to request an appeal of this determination by
September 29, 2008. Upon Nasdaq’s receipt of
a timely hearing request by the Company, it will “stay”
the delisting of the Company’s common stock
pending the Panel’s decision. If the Company
decides not to appeal the Nasdaq’s Staff
delisting determination, or if the Panel denies the appeal, the Company’s
securities will be removed from listing and registration on The Nasdaq
Stock Market. If the Company is delisted, 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.