News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
PreMD Receives Notice from the American Stock Exchange
TORONTO, April 25 /CNW/ - Predictive medicine company PreMD Inc. (TSX:
PMD; Amex: PME) ("PreMD") today announced it received a letter from the
American Stock Exchange (AMEX) stating that AMEX has determined that PreMD 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, PreMD 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; and 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. This letter does not impact
PreMD's listing on the Toronto Stock Exchange (TSX).
In order to maintain its AMEX listing, PreMD must submit a business plan
to the AMEX by May 24, 2007, advising AMEX of the action PreMD 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 PreMD's plan provides a
reasonable demonstration of an ability to regain compliance with the continued
listing standards within 18 months, PreMD's plan will be accepted and PreMD
may be permitted to continue its listing during the plan period. During this
time, PreMD will be subject to periodic review to determine whether it is
making progress consistent with its plan.
"This notice is based on our financial reports for the period ended
December 31, 2006. Since that time, we have completed a private placement for
gross proceeds of CDN $3,879,965, which will be reflected in our first quarter
financials. We have already taken some actions that would lead us towards
compliance, which will be reflected in the business plan we submit to the
Exchange," said Dr. Norton, President and Chief Executive Officer of PreMD.
"In regard to the business, we continue to make steady progress and remain on
track with our 2007 stated objectives which include: entering into strategic
partnerships for PREVU(x) and for our complete line of oncology products,
expanding the market for PREVU(x), as well as advancing our cancer clinical
program. We believe we are well positioned for continued growth."
About PreMD
PreMD Inc. is a leader in predictive medicine, dedicated to developing
rapid, non-invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products are branded as PREVU(x) Skin
Cholesterol Test. The company's cancer tests include ColorectAlert(TM),
LungAlert(TM) and a breast cancer test. PreMD's head office is located in
Toronto, Ontario and its research and product development facility is at
McMaster University in Hamilton, Ontario. For further information, please
visit www.premdinc.com.
This press release contains forward-looking statements. These statements
involve known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include, among
others, the success of a plan for regaining compliance with certain continued
listing standards of the American Stock Exchange, successful development or
marketing of the Company's products, the competitiveness of the Company's
products if successfully commercialized, the lack of operating profit and
availability of funds and resources to pursue R&D projects, the successful and
timely completion of clinical studies, product liability, reliance on
third-party manufacturers, the ability of the Company to take advantage of
business opportunities, uncertainties related to the regulatory process, and
general changes in economic conditions.
In addition, while the Company routinely obtains patents for its products
and technology, the protection offered by the Company's patents and patent
applications may be challenged, invalidated or circumvented by our competitors
and there can be no guarantee of our ability to obtain or maintain patent
protection for our products or product candidates.
Investors should consult the Company's quarterly and annual filings with
the Canadian and U.S. securities commissions for additional information on
risks and uncertainties relating to the forward-looking statements. Investors
are cautioned not to rely on these forward-looking statements. PreMD is
providing this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or otherwise.
(x)Trademark
%SEDAR: 00007927E %CIK: 1179083
/For further information: Brent Norton, President and CEO, Tel: (416)
222-3449 ext. 22, Email: bnorton(at)premdinc.com; Ron Hosking, Vice President
Finance and CFO, Tel: (416) 222-3449 ext. 24, Email: rhosking(at)premdinc.com;
Rhonda Chiger, Rx Communications Group, LLC, Tel : (917) 322-2569, Email:
rchiger(at)rxir.com/
(PMD. PME)
CO: PreMD Inc.
CNW 12:11e 25-APR-07
