WAKEFIELD, MA, Aug. 15 /PRNewswire-FirstCall/ -- NUCRYST Pharmaceuticals, a developer and manufacturer of medical products that fight infection and inflammation, today announced that on August 14, 2008, it received notice from The Nasdaq Stock Market stating that, for the last 30 consecutive trading days, the Company's common shares had not maintained the minimum market value of publicly held shares ("MVPHS") of $5 million required for continued listing on The Nasdaq Global Market under Marketplace Rule 4450(a)(2) (the "Rule"). Receipt of this notice has no immediate effect on the listing of the Company's common shares. The Company has 90 calendar days, or until November 12, 2008, to regain compliance with the Rule.
The notice states that if at any time before November 12, 2008, the MVPHS of NUCRYST's common shares is $5 million or more for a minimum of 10 consecutive trading days, Nasdaq will provide written notification that the Company complies with the Rule. If the Company cannot demonstrate compliance with that Rule by November 12, 2008, Nasdaq staff will notify the Company that its securities will be delisted from The Nasdaq Global Market. If the Company receives a delisting notice, the Nasdaq Marketplace Rules would permit the Company to appeal the Nasdaq staff's determination to delist its securities to a Nasdaq Listing Qualifications Panel.
NUCRYST is currently evaluating its alternatives to resolve the listing deficiency. If the Company is unable to resolve the listing deficiency, it may apply to transfer its common shares to The Nasdaq Capital Market. In order to transfer, the Company must satisfy the continued inclusion requirements for that market which the Company believes it currently does. If the Company submits a transfer application by November 12, 2008, the initiation of the delisting proceedings will be stayed pending the Nasdaq staff's review of the application.
About NUCRYST Pharmaceuticals
NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes medical products that fight infection and inflammation using SILCRYST(TM), its patented atomically disordered nanocrystalline silver technology. NUCRYST licensed world-wide rights for SILCRYST(TM) wound care coating products to Smith & Nephew plc, which markets these products in over 30 countries under their Acticoat(TM) trademark. NUCRYST is also developing pharmaceutical products to address medical conditions that are characterized by pain, infection and inflammation. The Company has developed its proprietary nanocrystalline silver in a powder form, referred to as NPI 32101 for use in medical devices and as an active pharmaceutical ingredient.
Acticoat(TM) is a trademark of Smith & Nephew plc SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada (collectively "forward-looking statements"). The words "believes", "expects", "plans", "anticipates", "estimates", "intends", "projects", "may", "might", "would", "will", "could", "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this news release include, but are not limited to, statements about: the future plans of our management in relation to resolving our exchange listing deficiency. With respect to the forward-looking statements contained in this news release, readers are cautioned that numerous risks, uncertainties and other factors could cause our actual results to differ materially from those indicated in these statements including, but not limited to risks associated with: the performance of stock markets generally; our ability to satisfy regulatory and stock exchange standards and requirements to maintain our exchange listing; our ability to maintain our collaboration with Smith & Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; the impact of competitive products and pricing on sales of Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; our ability to retain existing and obtain new regulatory approvals for any future products; the extent to which we are able to develop and gain market acceptance of new products; and our ability to establish successful commercialization programs, through new corporate collaborations or otherwise. Although we have attempted to identify the important risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in forward-looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in forward looking statements. For a more thorough discussion of the risks associated with our business, see the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2007 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, filed with the U.S. Securities and Exchange Commission on EDGAR at http://www.sec.gov/ and with securities authorities in Canada on SEDAR at http://www.sedar.com/. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and NUCRYST disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future developments or otherwise after the date hereof.
