NitroMed, Inc. (NASDAQ: NTMD) reported today that on February 28,
2008 the company received a letter from the
Nasdaq Stock Market’s
Listing Qualifications Department providing notification that, for the
last 30 consecutive business days, NitroMed’s
common stock has closed below the minimum $1.00 per share requirement
for continued inclusion on The Nasdaq Global Market under NASDAQ
Marketplace Rule 4450(a)(5), referred to as the minimum bid price rule.
NASDAQ stated in such notification that, in accordance with NASDAQ
Marketplace Rule 4450(e)(2), NitroMed has 180 calendar days, or until
August 26, 2008, to regain compliance with the minimum bid price rule.
The NASDAQ notification also states that if at any time before August
26, 2008, the bid price of the Company’s
common stock closes at $1.00 per share or more for a minimum of 10
consecutive business days, NASDAQ will provide written notification that
the company has achieved compliance with the minimum bid price rule,
although NASDAQ may, in its discretion, require that an issuer maintain
a bid price of in excess of $1.00 for a period in excess of 10 days, but
generally no more than 20 days, before determining that it has
demonstrated the ability to maintain long-term compliance. If NitroMed
does not regain compliance with the minimum bid price rule by August 26,
2008, NASDAQ will provide written notification that the company’s
securities will be delisted from the NASDAQ Stock Market. At that time,
NitroMed may appeal NASDAQ’s determination to
delist the company’s securities to a NASDAQ
Listing Qualifications Panel. Alternatively, in the event such delisting
is based solely upon non-compliance with the minimum bid price rule,
NitroMed could apply to transfer its securities to The Nasdaq Capital
Market, provided that NitroMed satisfies the requirements for initial
listing on such market set forth in NASDAQ Marketplace Rule 4310(c),
other than the minimum bid price rule. If such an application were
approved and NitroMed otherwise maintains the listing requirements for
the NASDAQ Capital Market, other than the minimum bid price requirement,
NitroMed would be afforded the remainder of The NASDAQ Capital Market’s
second 180 calendar day grace period in order to regain compliance with
the minimum bid price rule.
About NitroMed, Inc.
NitroMed of Lexington, Massachusetts is the maker of BiDil®
(isosorbide dinitrate/hydralazine hydrochloride), an orally administered
medicine available in the United States for the treatment of heart
failure in self-identified black patients. In this population, BiDil is
indicated for the treatment of heart failure as an adjunct to current
standard therapy, to improve survival, prolong time to hospitalization
for heart failure and improve patient-reported functional status. There
is little experience in patients with New York Heart Association (NYHA)
class IV heart failure. Most patients in the clinical trial supporting
effectiveness, referred to as A-HeFT, received, in addition to BiDil or
placebo, a loop diuretic, an angiotensin converting enzyme inhibitor or
an angiotensin II receptor blocker, and a beta blocker, and many also
received a cardiac glycoside or an aldosterone antagonist.
Forward Looking Statements
Statements in this press release about future expectations, plans and
prospects for the Company constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including risks related to:
events or developments affecting the Company’s
share price in the near term that may affect its ability to achieve
the minimum bid price requirement, including many factors outside of
the Company’s control;
the Company’s potential inability to
maintain compliance with other listing requirements between now and
August 26, 2008, which could result in delisting even if the Company
achieved compliance with the minimum bid price rule during such time;
the risk that NASDAQ exercises its discretion to require that the
Company maintain a bid price of at least $1.00 per share for a period
in excess of 10 days before determining that the Company demonstrated
the ability to achieve long term compliance;
the Company’s failure to successfully
appeal NASDAQ’s delisting determination, if
at all, or meet the requirements for listing on the NASDAQ Capital
Market, if it fails to achieve the minimum bid price requirement by
August 26, 2008; and
other important risks relating to the company’s
business, prospects, financial condition and results of operations
that are discussed in the Section titled "Risk
Factors” in the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2007, which has been filed with the SEC, and in the other filings that
the Company makes with the SEC from time to time.
The forward-looking statements included in this press release represent
the Company’s views as of the date of this
release. The Company anticipates that subsequent events and developments
will cause the Company’s views to change.
However, while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s
views as of any date subsequent to the date of this release.
