- Company's Shares Will Continue to Trade on Toronto Stock Exchange -
LAVAL, QC, June 21, 2011 /PRNewswire/ - Labopharm Inc. (TSX: DDS) (NASDAQ:
DDSS) announced today its intention to delist its common shares from
The Nasdaq Global Market as of the close of business on June 30, 2011.
The Company's common shares will continue to be listed on the Toronto
Stock Exchange. Following its delisting from Nasdaq, the Company
intends to voluntarily terminate its public reporting obligations under
the U.S. Securities Exchange Act as soon as possible.
"The cost savings resulting from the Nasdaq delisting and termination of
reporting obligations with the SEC in the U.S. will further preserve
capital as the Company moves forward with its strategic review
process," said Mark A. D'Souza, President and Chief Executive Officer.
As previously announced on December 31, 2010 and April 1, 2011, the
Company received notices from Nasdaq that it had failed to maintain a
minimum bid price of $1.00 per share and failed to maintain a minimum
Market Value of Listed Securities (MVLS) of $50,000,000. In light of
its current financial condition, the Company does not anticipate that
it will be able to meet such minimums or continue to meet other Nasdaq
listing standards in the future.
About Labopharm Inc.
Labopharm is focused on realizing value from its commercialized products
and creating additional value by leveraging its emerging technology
platforms to develop increasingly differentiated products. For more
information, visit www.labopharm.com.
This press release contains forward-looking statements within the
meaning of applicable Canadian Securities legislation and U.S.
Securities Law, including statements related to the Company's Nasdaq
delisting, which reflect the Company's current expectations regarding
future events. These forward-looking statements involve risks and
uncertainties, many of which are beyond the Company's control. Actual
events could differ materially from those projected herein and depend
on a number of risks and uncertainties. For additional disclosure
regarding these and other risks faced by Labopharm Inc., see the
disclosure contained in its public filings in the U.S. with the
Securities and Exchange Commission (SEC) and in Canada with the
Canadian Securities Administrators (CSA), available on the Investor
Relations section of the Company's website at www.labopharm.com and on the SEC's website at www.sec.gov and on the CSA's website at www.sedar.com. Investors are cautioned not to place undue reliance on these
forward-looking statements. Unless required by law, the Company
undertakes no obligation to update or revise the information contained
in this press release, whether as a result of new information, future
events, or circumstances or otherwise.
SOURCE Labopharm Inc.