(Source: Business Wire)
Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) has received notification from the Listings Qualifications Department of The NASDAQ Stock Market LLC that since the Company has not filed its Form 10-Q for the period ended March 31, 2009, the Company is no longer in compliance with Marketplace Rule 5250(c)(1).
The Company has 60 calendar days, or until July 20, 2009, to submit a plan to regain compliance. Following such submission, NASDAQ may provide the Company with up to 180 calendar days from the filing's due date, or until November 11, 2009, to regain compliance.
If NASDAQ does not accept the Company's plan to regain compliance, the Company will receive written notification of delisting from NASDAQ and at that time will be entitled to request a hearing before a NASDAQ Listing Qualifications Panel to appeal the NASDAQ decision.
The NASDAQ notice has no effect on the listing of the Company's common stock on The NASDAQ Global Market at this time.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage pharmaceutical company marketing two FDA-approved products in the United States: ANTARA® (fenofibrate) capsules, a cardiovascular product and FACTIVE® (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic. ANTARA is indicated for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity. Oscient promotes ANTARA and FACTIVE through a national sales force calling on primary care physicians, cardiologists, endocrinologists and pulmonologists.
For important information regarding the safety and use of ANTARA and FACTIVE, please see the full prescribing information available at www.antararx.com and www.factive.com.
Forward-Looking Statement
This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with regard to the Company's submission of a plan to regain compliance with the NASDAQ Listing Rule, the Company's ability to appeal an unfavorable NASDAQ determination and any associated timing of these events. Forward-looking statements represent our management's judgment regarding future events.
