Medicure Receives Notice From the American Stock Exchange
May 30 2008 - 4:00PM
Marketwired
WINNIPEG, MANITOBA (AMEX: MCU), a cardiovascular-focused
biopharmaceutical company, today announced it received a letter
from the American Stock Exchange ("Amex") stating that the Amex has
determined that Medicure is not in compliance with certain
continued listing standards, as set forth in Part 10 of the Amex
Company Guide (the "Company Guide"), and therefore has become
subject to the procedures and requirements of Section 1009 of the
Company Guide.
Specifically, Medicure is not in compliance with section
1003(a)(i) of the Company Guide with shareholders' equity of less
than US $2,000,000 and losses from continuing operations and/or net
losses in two out of its three most recent fiscal years; section
1003(a)(ii) of the Company Guide with shareholders' equity of less
than US $4,000,000 and losses from continuing operations and/or net
losses in three out of its four most recent fiscal years; section
1003(a)(iii) of the Company Guide with shareholders' equity of less
than US $6,000,000 and losses from continuing operations and/or net
losses in its five most recent fiscal years; and section
1003(a)(iv) of the Company Guide in that it has sustained losses
which are so substantial in relation to its overall operations or
its existing financial resources, or its financial condition has
become so impaired that it appears questionable, in the opinion of
the Amex, as to whether such company will be able to continue
operations and/or meet its obligations as they mature. This letter
does not impact Medicure's listing on the Toronto Stock Exchange
(the "TSX").
In order to maintain its Amex listing, Medicure must submit a
business plan to the Amex by June 23, 2008, advising Amex of the
action Medicure has taken, or will take, to bring it into
compliance with the relevant continued listing standards within a
maximum of 18 months. If, after evaluation by the Listing
Qualifications Department, the Amex determines that Medicure's plan
provides a reasonable demonstration of an ability to regain
compliance with the continued listing standards within 18 months,
Medicure's plan will be accepted and Medicure may be permitted to
continue its listing during the plan period. During this time,
Medicure will be subject to periodic review to determine whether it
is making progress consistent with its plan.
"This notice is based on our financial statements for the period
ended February 29, 2008," stated Medicure's President and CEO,
Albert D. Friesen, PhD. "Since that time, we have taken some
corrective actions, which will be reflected in the business plan we
plan to submit to Amex."
The Company's plan to address the expected shortfall of working
capital is to secure additional funding within the next several
months, continue to increase operating revenue, and reduce
operating expenses. There is no certainty that the Company will be
able to obtain any sources of financing on acceptable terms, or at
all, or that it will increase product revenue.
About Medicure Inc.
Medicure Inc is a biopharmaceutical company focused on the
research, development and commercialization of novel compounds to
treat cardiovascular disorders. Cardiovascular medicine represents
the largest pharmaceutical sector, with annual global sales of over
US $70 billion. Medicure aims to make a global impact on
cardiovascular disease and stroke by reducing deaths, improving the
quality of life and serving the unmet needs of people who suffer
from cardiovascular disease and stroke.
This press release contains forward-looking statements, as
defined under applicable securities legislation, that involve
risks, which may cause actual results to differ materially from the
statements made, and accordingly may be deemed to be
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are made as of the date hereof, and
the Company disclaims any intention and has no obligation or
responsibility to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise
except as required by law. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, events or developments to be materially
different from any future results, events or developments expressed
or implied by such forward-looking statements. Such factors
include, among others, the Company's stage of development, lack of
product revenues, additional capital requirements, risks associated
with the completion of clinical trials and obtaining regulatory
approval to market the Company's products, the ability to protect
its intellectual property, dependence on collaborative partners and
the ability to meet its debt obligations. These factors should be
considered carefully and readers are cautioned not to place undue
reliance on such forward-looking statements. Additional risks and
uncertainties relating to the Company and its business can be found
in the "Risk Factors" section of its Form 20F for the year ended
May 31, 2007 and the Company's MD&A for the third quarter ended
February 29, 2008.
Contacts: Medicure Inc. Derek Reimer Chief Financial Officer
1-888-435-2220 (204) 488-9823 (FAX) Email: info@medicure.com
Website: www.medicure.com
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