FRANKLIN, Mass., Oct. 20 /PRNewswire-FirstCall/ -- Sontra Medical Corporation announced today that it received a deficiency letter on October 17, 2006 from the Nasdaq Stock Market indicating that the Company is not in compliance with the continued listing requirements of The Nasdaq Capital Market because for the previous 30 consecutive business days, the bid price had closed below the $1.00 minimum per share requirement for continued listing as set forth in Marketplace Rule 4310(c)(4). The issuance by Nasdaq of such letters is standard procedure when a listed company does not meet the minimum bid price rule. By Nasdaq rule, Sontra will be allowed 180 calendar days, or until April 16, 2007, to regain compliance with the minimum bid price rule. The letter from Nasdaq has no effect on the listing of the Company's common stock at this time.
The letter also stated that, in accordance with Marketplace Rule 4310(c)(8)(E), if at any time before April 16, 2007, the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the Company will be provided written notice that it complies under the minimum bid price rule.
If compliance with the minimum bid price rule cannot be demonstrated by April 16, 2007, the Staff will determine whether Sontra meets The Nasdaq Capital Market initial listing criteria set forth in Marketplace Rule 4310(c), except for the bid price requirement. If the Company meets the initial listing criteria, the Company will be given notice that it has been granted an additional 180 calendar-day period to comply with the minimum bid price rule. If it is determined that the Company is not eligible for this additional compliance period, the Company will be provided with written notice that its securities will be delisted. At that time, the Company may appeal to a Listing Qualifications Panel the Staff's determination to delist its securities.
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal science and is developing a non-invasive, continuous transdermal glucose monitor ("CTGM") for principal use in the Intensive Care Market. Through its platform technology, the SonoPrep(R) Permeation System, combined with technical competencies in transdermal drug formulation, analysis, delivery systems and biosensors, the Company is creating a new paradigm in transdermal drug delivery and diagnosis. The CTGM and other company products are being developed for several billion dollar market opportunities, all utilizing skin permeation, chemistry and biosensor technology developed by the Company. In addition, the Company is developing products for transdermal delivery of large molecule drugs and vaccines.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology, including a continuous transdermal glucose monitor for the hospital ICU market; the expected size of the market for the continuous transdermal glucose monitor for the hospital ICU market; the expected benefits and efficacy of the SonoPrep device in connection with diagnostics, vaccine delivery, glucose monitoring and transdermal science; the availability of substantial additional funding to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our respective annual reports on Form 10-KSB for the year ended December 31, 2005, our most recent quarterly reports on Form 10-QSB, and our current reports on Form 8-K. We do not undertake to update these forward-looking statements made by us.
SonoPrep is a registered trademark of Sontra Medical Corporation. All other company, product or service names mentioned herein are the trademarks or registered trademarks of their respective owners.
Investor Relations Contact: Harry G. Mitchell, CFO 508-530-0311 hmitchell@sontra.com
Sontra Medical CorporationCONTACT: Harry G. Mitchell, CFO of Sontra Medical Corporation,+1-508-530-0311, hmitchell@sontra.com
Web site: http://www.sontra.com/
