Attached files
file | filename |
---|---|
8-K - ORTHOLOGIC 8-K 11-17-2009 - Capstone Therapeutics Corp. | form8k.htm |
Exhibit
99.1
1275
West Washington Street - Suite 101
|
|
Tempe,
AZ 85281
|
|
(602)
286-5520
|
|
www.capstonethx.com
|
|
Nasdaq:
CAPS
|
FOR
FURTHER INFORMATION:
|
|
Karen
Struck, Investor Relations
|
Lauren
Glaser – The Trout Group
|
(602)
286-5250
|
(646)
378-2972
|
kstruck@capstonethx.com
|
lglaser@troutgroup.com
|
Capstone
Therapeutics Announces Transfer To NASDAQ Capital Market
Tempe, AZ – November 17, 2009 ─
Capstone Therapeutics (the “Company”) (Nasdaq: CAPS) today announced that
its application to transfer the listing of its common stock from The Nasdaq
Global Market to The Nasdaq Capital Market has been approved by
Nasdaq. This transfer will be effective at the opening of business on
Friday, November 20, 2009, and the Company's common stock will continue to trade
under the symbol "CAPS." The Nasdaq Capital Market is a continuous
trading market that operates in substantially the same manner as The Nasdaq
Global Market. All companies listed on The Nasdaq Capital Market must
meet certain financial requirements and comply with Nasdaq’s corporate
governance requirements.
“The
transfer to the Capital Market allows our investors to continue to benefit from
our shares being listed on the Nasdaq Stock Market. It also allows us
to maintain our visibility with the investment community while we continue to
execute on our business and product development plans,” said John M. Holliman,
III, Capstone Therapeutics Executive Chairman.
Background
On August
8, 2008, the Company received a letter from The Nasdaq Stock Market notifying it
that for the 30 consecutive business days preceding the date of the letter, the
bid price of the Company’s common stock had closed below the $1.00 per share
minimum bid price required for continued inclusion on The Nasdaq Global Market
pursuant to Nasdaq Marketplace Rule 4450(a)(5). To regain compliance
with The Nasdaq Global Market continued listing requirements, the closing bid
price of the Company’s common stock must meet or exceed $1.00 per share for a
minimum of 10 consecutive business days. With extensions, the Company
was granted until November 23, 2009, to regain compliance. In
anticipation of not meeting the minimum bid price continued listing requirement,
the Company requested and on November 16, 2009, received approval from Nasdaq to
transfer the listing of its common stock from The Nasdaq Global Market to The
Nasdaq Capital Market. The Company will be afforded an additional
period, ending May 22, 2010, to regain compliance with the minimum bid price
rule while listed on The Nasdaq Capital Market. If compliance is not
regained, Nasdaq will notify the Company of its determination to delist the
Company’s common stock, which decision may be appealed to a Nasdaq Listing
Qualifications Panel.
About
Capstone Therapeutics
Capstone
Therapeutics (trade name of OrthoLogic Corp.) is a biotechnology company
committed to developing a pipeline of novel therapeutic peptides aimed at
helping patients with under-served medical conditions. The Company is
focused on development and commercialization of two product platforms: AZX100
and Chrysalin®
(rusalatide acetate or TP508).
AZX100 is
a novel synthetic 24-amino acid peptide, one of a new class of compounds in the
field of smooth muscle relaxation and fibrosis. Based on its
demonstrated effects in pre-clinical models and safety in clinical trials,
AZX100 is currently being evaluated for commercially significant medical
applications such as the prevention or reduction of hypertrophic and keloid
scarring and treatment of pulmonary disease. Capstone has an
exclusive worldwide license to AZX100.
Capstone
Therapeutics Announces Transfer To NASDAQ Capital Market
Page
of 2
Chrysalin,
the Company’s novel synthetic 23-amino acid peptide, has been proven in multiple
pre-clinical and clinical models to stimulate cellular events leading to
angiogenesis, revascularization, and repair of dermal and musculoskeletal
tissues. It is currently being evaluated in disorders that involve
vascular endothelial dysfunction, such as acute myocardial
infarction. The Company owns exclusive worldwide rights to
Chrysalin.
Capstone’s
corporate headquarters are in Tempe, Arizona. For more information,
please visit the Company's website: www.capstonethx.com.
Statements
in this press release or otherwise attributable to Capstone Therapeutics
regarding our business that are not historical facts are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include the timing and acceptability of
FDA filings and the efficacy and marketability of potential products, involve
risks and uncertainties that could cause actual results to differ materially
from predicted results. These risks include: delays in obtaining or inability to
obtain FDA, institutional review board or other regulatory approvals of
pre-clinical or clinical testing; unfavorable outcomes in our pre-clinical and
clinical testing; the development by others of competing technologies and
therapeutics that may have greater efficacy or lower cost; delays in obtaining
or inability to obtain FDA or other necessary regulatory approval of our
products; our inability to successfully and cost effectively develop or
outsource manufacturing and marketing of any products we are able to bring to
market; changes in FDA or other regulations that affect our ability to obtain
regulatory approval of our products, increase our manufacturing costs or limit
our ability to market our product; affects on our stock price and liquidity if
we are unable to meet the requirements for continued listing on the Nasdaq
Capital Market; our need for additional capital in the future to fund the
continued development of our product candidates; and other factors discussed in
our Form 10-K for the fiscal year ended December 31, 2008, and other documents
we file with the Securities and Exchange Commission.
###
Editor’s Note: This press
release is also available under the Investors section of the Company’s website
at www.capstonethx.com.