Diomed Holdings Reports Notice Regarding AMEX Intent to Seek Delisting of Its Common Stock
12 March 2008 - 4:30AM
Business Wire
Diomed Holdings, Inc. (AMEX: DIO - News), a leading developer and
marketer of minimally invasive medical technologies, including its
patented EVLT� laser treatment for varicose veins, today announced
that it has received notice from the American Stock Exchange
advising the Company that the AMEX has determined to seek to delist
the Company�s common stock on the basis that the Company has not
demonstrated a reasonable probability that the Company will regain
compliance with Sections 1003(a)(ii) and (iii) of the AMEX Company
Guide�s standards for continued listing on the Exchange. The
standards require that a company maintain at least $4 million in
stockholders� equity if the company has sustained losses from
continuing operations in three of its four most recent fiscal years
and at least $6 million in stockholders� equity if the company has
sustained losses from continuing operations in its five most recent
fiscal years. The Company had previously submitted a compliance
plan to the AMEX seeking to demonstrate its ability to regain
compliance with these listing standards by February 3, 2009, the
deadline that the AMEX established for compliance with these
listing standards. In its notice, the AMEX also advised the Company
that it has determined that the low trading price of the Company�
common stock raises concern that the common stock may not be
suitable for auction market trading, which would necessitate a
reverse stock split within a reasonable period of time under
Section 1003(f)(v) of the AMEX Company Guide. Contemporaneously
with the issuance of this press release, the Company will file a
Current Report on Form 8-K with the Securities and Exchange
Commission regarding this matter, which will include further
details regarding the AMEX notice. About Diomed Diomed develops and
commercializes minimal and micro-invasive medical procedures that
use its proprietary laser technologies and disposable products.
Diomed�s EVLT� laser vein ablation procedure is used in varicose
vein treatments. Diomed also provides photodynamic therapy (PDT)
for use in cancer treatments, and dental and general surgical
applications. The EVLT� procedure and the Company�s related
products were cleared by the United States FDA in January of 2002.
Along with lasers and single-use procedure kits for its EVLT� laser
vein treatment, the Company provides its customers with state of
the art physician training and practice development support.
Additional information is available on the Company�s website:
www.evlt.com. EVLT� is a registered trademark of Diomed Inc.,
Andover, MA. Safe Harbor Safe Harbor statements under the Private
Securities Litigation Reform Act of 1995: Statements in this news
release looking forward in time involve risks and uncertainties,
including the risks associated with trends in the products markets,
reliance on third party distributors in various countries outside
the United States, reoccurring orders under OEM contracts, market
acceptance risks, technical development risks and other risk
factors. These statements relate to our future plans, objectives,
expectations and intentions. These statements may be identified by
the use of words such as "may," "will," "should," "potential,"
"expects," "anticipates," "intends," "plans," "believes" and
similar expressions. These statements are based on our current
beliefs, expectations and assumptions and are subject to a number
of risks and uncertainties. Our actual results could differ
materially from those discussed in these statements. Our 2006
Annual Report on Form SEC 10-KSB (the "Annual Report") contains a
discussion of certain of the risks and uncertainties that affect
our business. We refer you to the "Risk Factors" on pages 19
through 34 of the Annual Report for a discussion of certain risks,
including those relating to our business as a medical device
company without a significant operating record and with operating
losses, our risks relating to our commercialization of our current
and future products and applications and risks relating to our
common stock and its market value. Diomed disclaims any obligation
or duty to update or correct any of its forward-looking statements.
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