TORONTO, Nov. 14 /CNW/ - Fralex Therapeutics Inc. (TSX: FXI) ("Fralex" or
the "Company"), a medical technology company that was developing a treatment
for chronic pain associated with fibromyalgia using a non-invasive
neuromodulation device, reported today that the Toronto Stock Exchange ("TSX")
is reviewing the eligibility of the Company's securities pursuant to Part VII
of The Toronto Stock Exchange Company Manual.
The Company is being reviewed under the Remedial Review Process and has
been granted 120 days to comply with all requirements for continued listing.
If the Company cannot demonstrate that it meets all TSX requirements on or
before March 12, 2009, the Company's securities will be delisted 30 days from
such date. A meeting of the Listings Committee of the TSX is scheduled to be
held on March 5, 2009 to consider the suspension of trading and the delisting
of the securities of the Company. The Company has the ability to request a 90
day extension to the Review Process and that would delay the deadline to June
12, 2009. The extension is subject to approval by the TSX.
The Company continues to review all available strategies including the
distribution of residual cash to the shareholders, the establishment of a
strategic alliance with another company and the development other innovative
proprietary technology related to the medical device field. Fralex will
provide updates as they become available.
About FRALEX:
FRALEX is a medical technology company which was focused on developing
and commercializing Complex Neural Pulse or CNP(TM), a novel neuromodulation
therapeutic technology for chronic pain. For more information on FRALEX,
please visit www.fralex.com.
Certain statements contained in this release containing words like
"believe", "intend", "may", "expect", and other similar expressions, are
forward-looking statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
projected in the Company's forward-looking statements include the following:
market acceptance of Company's technologies and products; the ability to
obtain financing; Company's financial and technical resources relative to
those of its competitors; Company's ability to keep up with rapid
technological change; government regulation of therapeutic technologies; the
Company's ability to enforce its intellectual property rights and protect its
proprietary technologies; the ability to obtain and develop partnership
opportunities; the timing of commercial product launches; the ability to
achieve key technical milestones in key products and other risk factors
identified from time to time in the Company's filings.
