Xcorporeal, Inc. Reports on Receiving a Notice from NYSE Amex LLC of Its Intent to Initiate Delisting Proceedings
26 August 2009 - 10:30PM
Business Wire
Xcorporeal, Inc. (NYSE Amex: XCR) (the “Company” or
“Xcorporeal”) announced today that, on August 20, 2009, the Company
received notice from the staff of the NYSE Amex LLC (formerly
American Stock Exchange, the “Exchange”) indicating that, in the
opinion of the staff of the Exchange, the Plan of Compliance
previously submitted by the Company to the Exchange does not make a
reasonable demonstration of the Company’s ability to regain
compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide
by November 16, 2009, due to the Company having sustained losses
which are so substantial in relation to the Company’s overall
operations or its existing financial resources, or its financial
condition had become so impaired that it appears questionable, in
the opinion of the Exchange, as to whether the Company would be
able to continue operations and/or meet its obligations as they
mature. Accordingly, the Company’s securities are subject to
immediate delisting proceedings. The Company will not appeal this
decision and pursuant to the terms of the notice, if the Company
elects not to appeal the Amex’s decision by August 27, 2009, it
will become final. The staff of the Exchange will then suspend
trading in the Company’s securities on the Exchange and file an
application with the U.S. Securities and Exchange Commission to
strike the Company’s common stock from listing and registration on
the Exchange.
The Company hopes to procure a sponsoring market maker and
commence the process of submitting via such market maker a Form 211
application with the Financial Industry Regulatory Authority
(“FINRA”) in order to have its common stock quoted on the FINRA
Over-The-Counter Bulletin Board (the “OTCBB”). If successful,
the Company anticipates that the move to the OTCBB would provide
meaningful savings to it as a result of the elimination of fees
associated with being listed on a national stock exchange. Having
the Company’s common stock quoted on the OTCBB may result in a less
liquid market for its shares, but would result in continued public
trading of the Company’s common stock by holders wishing to trade.
There can be no assurance that the Company will be successful in
having its common stock quoted on the OTCBB and a failure to have
it so quoted could result in a lack of a liquid market for its
common stock.
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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