QMed, Inc. Receives NASDAQ Letter
EATONTOWN, N.J., Nov. 27 /PRNewswire-FirstCall/ -- QMed, Inc. today announced that it has received a letter from NASDAQ indicating, with the resignation of Bruce Wesson from the Company's board of directors, the Company does not meet the majority independent director and audit committee composition requirements as set forth in Marketplace Rules 4350(c)(1) and 4350(d)(4), respectively.
However, consistent with Marketplace Rules 4350(c)(1) and 4350(d)(4), NASDAQ will provide the Company a cure period in order to regain compliance as follows: (1) until the earlier of the Company's next annual shareholders' meeting or November 12, 2008; or (2) if the next annual shareholders' meeting is held before May 12, 2008, then the Company must evidence compliance no later then May 12, 2008.
In the event the Company does not regain compliance by the required date, Nasdaq rules require Staff to provide written notification to the Company that its securities will be delisted.
About QMed, Inc.
QMed has developed evidence-based clinical information management systems for use by health plan customers. The QMed systems incorporate Disease Management services to patients and decision support to physicians. The Company's subsidiaries have specialized in serving high-risk populations of Medicare beneficiaries.
Except for historical information contained herein, matters discussed in this news release are forward-looking statements that involve risks and uncertainties. They include but are not limited to those relating to the timely implementation of programs, the impact of business and operational conditions, competitive product introductions, acceptance and pricing, and those risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). Actual results may differ materially from any forward-looking statements due to these risks and uncertainties.
Contact: William Schmitt, QMed, Inc. - 732-544-5544 x1112
CONTACT: William Schmitt of QMed, Inc., +1-732-544-5544 x1112
Web site: http://www.qmedinc.com//