WINNIPEG, MANITOBA--(Marketwire - May 30, 2008) - Medicure Inc. (TSX:MPH)(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.
