Xcorporeal, Inc. Reports on Failure to Meet Listing Standards of NYSE Amex LLC
May 21 2009 - 4:00PM
Business Wire
Xcorporeal, Inc. (NYSE Amex: XCR) (the �Company� or
�Xcorporeal�) announced today that on May 15, 2009, the Company
received notice from the staff of the NYSE Amex LLC (formerly
American Stock Exchange, the �Exchange�) indicating that the
Company is currently not in compliance with certain of the
Exchange�s continued listing standards as set forth in
Section�1003(a)(iv) of the Exchange�s Company Guide (the �Company
Guide�). According to the notice, the Company is not in compliance
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 Exchange, as to
whether the Company will be able to continue operations and/or meet
its obligations as they mature. The Company has been afforded the
opportunity to submit a plan of compliance to the Exchange by June
15, 2009, advising the Exchange of the actions the Company has
taken or intends to take to regain compliance with
Section�1003(a)(iv) of the Company Guide by November 16, 2009 (the
�Plan�). If the Company does not submit a Plan or if the Plan is
not accepted by the Exchange, the Company will be subject to
delisting proceedings. If the Exchange accepts the Plan, then the
Company will be able to continue its listing during the Plan
period, during which time the Company will be subject to periodic
reviews to determine whether it is making progress consistent with
the Plan. If the Exchange finds that such progress is not being
made, the Company will be subject to delisting proceedings. It is
the Company�s intention to submit the Plan by June 15, 2009. The
Company�s common stock continues to trade on the Exchange.
About Xcorporeal, Inc.
Xcorporeal is a medical device company developing an innovative
extra-corporeal platform technology to be used in devices to
replace the function of various human organs. The platform leads to
three initial products: a Portable Artificial Kidney (PAK) for
attended care Renal Replacement Therapy (RRT) for patients
suffering from Acute Renal Failure, a PAK for home hemodialysis
(XCR-6) for patients suffering from End Stage Renal Disease (ESRD),
and a Wearable Artificial Kidney (WAK) for continuous ambulatory
hemodialysis for treatment of ESRD.
For the attended care market, Xcorporeal is developing a
portable, multi-functional renal replacement device that will offer
cost-effective therapy for those patients suffering from Acute
Renal Failure, which causes a rapid decline in kidney function. In
the U.S., the disease affects more than 200,000 patients annually
with a mortality rate approaching 50%, according to a study
published in the Clinical Journal of American Society of Nephrology
in 2006. The Company has completed functional prototypes, which are
currently undergoing bench testing.
The Company also plans to commercialize the XCR-6, a home
hemodialysis device, for the chronic End Stage Renal Disease (ESRD)
market, comprised of patients in whom the kidneys have ceased to
function. The Company�s devices are intended to combine the best
attributes of currently marketed home hemodialysis machines to
offer patients convenient, durable and truly portable treatments at
home. The Company believes its devices will provide a
cost-effective alternative to current home treatment modalities,
due to their ability to offer hemodialysis without the need for
large quantities of dialysate fluid or purified water. The Company
has also completed a demonstration prototype of the XCR-6.
The Company�s WAK is also a device for the chronic treatment of
ESRD. The Company has successfully demonstrated a prototype system
that weighs less than 6 kg., is battery operated, and can be worn
by an ambulatory patient. This miniature, wearable device is
intended to enable continuous (up to 24 hours � 7 days per week)
renal replacement therapy at home. Increasing dialysis time has
previously been shown to reduce morbidity and improve quality of
life of ESRD patients. The WAK has been featured in articles
written in periodicals worldwide such as the Los Angeles Times, Le
Figaro, Frankfurter Algemeiner and Corriere dela Sera. Scientific
papers discussing the WAK have been published in several peer
reviewed journals, including The Lancet and Kidney
International.
Additional Company information may be found on its website at:
www.xcorporeal.com.
Forward-Looking Statements
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and made pursuant to the Safe Harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect numerous assumptions and involve
a variety of risks and uncertainties, many of which are beyond the
company's control, that may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, limited operating history, difficulty in developing,
exploiting and protecting proprietary technologies, the risk that
our technology may not be effective, the risk that we may not have
sufficient financial resources to adequately finance the
development activities described in the press release, uncertainty
as to the outcome of arbitration and legal proceedings, intense
competition and substantial regulation in the medical device
industry, and additional risk factors as discussed in the reports
filed by Xcorporeal with the United States Securities and Exchange
Commission, including the risks discussed in the Risk Factors and
Management�s Discussion and Analysis sections of Xcorporeal�s
Annual Report on Form 10-K for the fiscal year ended December 31,
2008, which are available on its website at http://www.sec.gov. Xcorporeal does not
undertake any obligation to update any forward-looking statements
to reflect future events or circumstances after the date of such
statements.
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