Sonus Pharmaceuticals Receives Favorable NASDAQ Decision
July 17 2008 - 3:10PM
PR Newswire (US)
BOTHELL, Wash., July 17 /PRNewswire-FirstCall/ -- Sonus
Pharmaceuticals, Inc. (NASDAQ:SNUS) today announced that it
received a notice from the NASDAQ Listing Qualifications Hearings
Panel on July 16, 2008 indicating that the NASDAQ Panel has
determined to grant Sonus' request to continue the listing of its
securities on The NASDAQ Global Market. The Company's continued
listing on NASDAQ is subject to its compliance with certain
conditions by August 29, 2008, including the implementation of a
reverse stock split, the completion of its planned merger with
OncoGenex Technologies Inc., and approval from NASDAQ of the
combined entity's application for initial listing on The NASDAQ
Capital Market upon completion of the merger. "This extension
provides the time to implement the resolutions we have proposed to
shareholders, including the issuance of shares to consummate the
merger with OncoGenex and the reverse stock split, which together
we believe will better position the new company to maintain listing
on The NASDAQ Capital Market. All of which we believe are in the
best interests of shareholders," said Michael A. Martino, President
and CEO. The NASDAQ Panel's exception is subject to certain
conditions, such as requiring Sonus to inform the NASDAQ Panel of
any significant events that may impact Sonus' ability to maintain
compliance with the NASDAQ listing requirements or the exception
deadline, and is subject to review by the NASDAQ Listing and
Hearing Review Council for a period of 45 days from the date of the
NASDAQ Panel's determination letter. Sonus expects to be able to
comply with the NASDAQ Panel's conditions for continued listing on
The NASDAQ Global Market; however, there can be no assurance that
Sonus will be able to do so. Failure to comply with the conditions
for listing could result in the delisting of Sonus' shares from
NASDAQ. About Sonus Pharmaceuticals, Inc. Headquartered near
Seattle, Washington, Sonus Pharmaceuticals, Inc. is focused on the
development of cancer drugs that are designed to provide better
efficacy, safety and tolerability, and ease of use. Sonus moved an
oncology product candidate, SN2310, into a Phase 1 clinical trial
in September 2006. For additional information on Sonus, including
past news releases, please visit http://www.sonuspharma.com/. About
OncoGenex Technologies Inc. OncoGenex Technologies Inc. is a
private biopharmaceutical company committed to the development and
commercialization of new cancer therapies that address treatment
resistance in cancer patients. The company's three product
candidates are designed to inhibit the production of specific
proteins associated with treatment resistance and which are
over-produced in response to a variety of cancer treatments.
OGX-011 is completing evaluation in five Phase 2 clinical studies
in prostate, lung, and breast cancers. OGX-427 has begun evaluation
in Phase 1 clinical studies, while the third product candidate,
OGX-225, has completed preclinical pharmacology studies. More
information is available at http://www.oncogenex.ca/. Definitive
Agreement to Merge On May 28, 2008, Sonus and OncoGenex jointly
announced the signing of a definitive agreement to merge the two
companies. The proposed transaction is expected to be completed
prior to August 29, 2008, subject to the satisfaction of certain
conditions, including the approval of Sonus' and OncoGenex'
shareholders and, in the case of OncoGenex, court approval under
the arrangement provisions of the Canada Business Corporations Act.
Forward-Looking Statements Certain statements made in this press
release are forward-looking such as those, among others, relating
to the listing of the Sonus' stock on The NASDAQ Capital Market and
the timing of the merger with OncoGenex. Actual results could
differ materially from those projected in the forward-looking
statements as a result of the following factors, among others: the
ability of Sonus to obtain shareholder approval of the issuance of
shares in connection with the merger with OncoGenex or the reverse
stock split, volatility in the value of Sonus' common stock, the
potential inability of Sonus and OncoGenex to complete the merger,
and the ability of Sonus to meet the initial listing standards of
The NASDAQ Capital Market. A more complete discussion of risks and
uncertainties that may affect forward-looking statements is
included in Sonus Pharmaceuticals' filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
fiscal year 2007, its Quarterly Report on Form 10-Q for the first
quarter of 2008, and its definitive proxy statement filed July 3,
2008. The Company undertakes no obligation to update the
forward-looking statements contained herein or to reflect events or
circumstances occurring after the date hereof. DATASOURCE: Sonus
Pharmaceuticals, Inc. CONTACT: Investors, Dahlia Bailey,
+1-415-896-5862, or Doug Sherk, +1-415-896-6820, or Media, Steve
DiMattia, +1-646-201-5445, all of EVC Group, for Sonus
Pharmaceuticals, Inc. Web site: http://www.sonuspharma.com/
Copyright
Sonus (NASDAQ:SNUS)
Historical Stock Chart
From Apr 2024 to May 2024
Sonus (NASDAQ:SNUS)
Historical Stock Chart
From May 2023 to May 2024