Zila (MM) (NASDAQ:ZILAD)
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Zila, Inc. (NASDAQ:ZILAD) today announced that it received a Nasdaq
Staff Determination Letter on September 22, 2008 informing the company
that it is subject to delisting based upon the company's failure to
comply with Marketplace Rules 4450(a)(5) and 4350.
In accordance with Marketplace Rule 4450(e)(2), the company was given
until September 16, 2008 to achieve a closing bid price of the company’s
common stock of $1.00 per share or more for a minimum of 10 consecutive
business days. Zila has effectuated a 1 for 7 reverse stock split, which
took effect on September 17, 2008. As of the close of trading today, the
closing bid price of the company’s stock has
been above $1.00 per share for eight consecutive days. If the closing
bid price of the company’s common stock is
above $1.00 per share for the next two business days, the company will
regain compliance with Marketplace Rule 4450(a)(5).
Consistent with Marketplace Rule 4350(d)(4) the company has until the
earlier of its next annual shareholders’
meeting or December 17, 2008 to name a third director as a member of the
Audit Committee so that the company regains compliance with the
requirements of Marketplace Rule 4350. The company said that it expects
to fill the Audit Committee vacancy within the timeframe required by the
Nasdaq Marketplace Rules.
About Zila, Inc.
Zila, Inc., is a fully integrated oral diagnostic company dedicated to
the prevention, detection and treatment of oral cancer and periodontal
disease. ViziLite®
Plus, the company's flagship product for the early detection of oral
abnormalities that could lead to cancer, is the first and only
adjunctive medical device cleared by the FDA for use in a population at
increased risk for oral cancer. In addition, Zila designs, manufactures
and markets a suite of proprietary products sold exclusively and
directly to dental professionals for periodontal disease, including the
Rota-dent(R) Professional Powered Brush, the Pro-Select(R) Platinum
ultrasonic scaler and a portfolio of oral pharmaceutical products for
both in-office and home-care use.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are based largely on Zila's expectations or forecasts of future events,
can be affected by inaccurate assumptions and are subject to various
business risks and known and unknown uncertainties, a number of which
are beyond the Company's control. Therefore, actual results could differ
materially from the forward-looking statements contained herein. A wide
variety of factors could cause or contribute to such differences and
could adversely affect revenue, profitability, cash flows and capital
needs. There can be no assurance that the forward-looking statements
contained in this press release will, in fact, transpire or prove to be
accurate. For a more detailed description of these and other cautionary
factors that may affect Zila's future results, please refer to Zila's
Form 10-K for its fiscal year ended July 31, 2007 and Form 10-Q for the
quarter ended April 30, 2008.
For more information about the company and its products, please visit www.zila.com.