Urologix Receives Extension From NASDAQ to Regain Compliance With Listing
MINNEAPOLIS, April 17, 2013 (GLOBE NEWSWIRE) -- Urologix®, Inc. (Nasdaq:ULGX),
the leading provider of in-office BPH therapy, announced today that the NASDAQ
Hearings Panel (the "Panel") of The NASDAQ Stock Market LLC ("NASDAQ") has
granted the Company's request for a further extension to regain compliance
with the listing requirements of the NASDAQ.
As previously reported, the Company's stock was subject to delisting due to
the Company's failure to comply with the $1.00 minimum bid price requirement
of Rule 5550(a)(2). The Company had requested a hearing before the NASDAQ
Listing Qualifications Panel to seek continued listing. On April 16, 2013, the
Company received notification that the Panel had extended the Company's
compliance period until June 17, 2013 to cure the minimum bid price
deficiency.By that date, the closing bid price for the Company's stock must
be $1.00 or more for a minimum of ten consecutive business days.
In addition, the Company must comply with Rule 5550(b)(1), which requires the
Company to maintain minimum shareholders' equity of $2.5 million.As of
December 31, 2012 the Company's shareholders' equity was $2.55 million and
with the release of the financial results for the quarter ending March 31,
2013 the Company expects its shareholders' equity to be below the minimum
requirement.This compliance issue was also discussed with the Panel.The
Panel provided the Company until September 30, 2013 to remedy the minimum
shareholders' equity requirement.This extension is subject to the Company
providing a written update to the Panel by July 30, 2013 regarding the status
of its efforts to achieve compliance with this requirement.
"We are pleased by the panel's decision to accept our request for an
extension," stated Greg Fluet, CEO. "Urologix is focused on building
shareholder value which should help the Company to meet both of these NASDAQ
Urologix, Inc., based in Minneapolis, develops, manufactures, markets and
distributes minimally invasive medical products for the treatment of
obstruction and symptoms due to Benign Prostatic Hyperplasia (BPH). Urologix'
Cooled ThermoTherapy™ produces targeted microwave energy combined with a
unique cooling mechanism to protect healthy tissue and enhance patient
comfort. The Prostiva® RF Therapy System delivers radio frequency energy
directly into the prostate destroying prostate tissue, reducing constriction
of the urethra, and thereby relieving BPH symptoms. Both of these therapies
provide safe, effective and lasting relief of the symptoms and obstruction due
to BPH.Prostiva® is a registered trademark of Medtronic, Inc., used under
license. All other trademarks are the property of Urologix.
If you'd like more information on this topic, please contact Brian Smrdel at
(763) 475-7696 or firstname.lastname@example.org or to learn more about Urologix and its
products and services, visit their website at www.urologix.com.
The Urologix, Inc. logo is available at
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Any statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "estimate" or "continue" or comparable terminology
are intended to identify forward-looking statements. Such forward looking
statements include, for example, statements about the Company's ability to
maintain its listing on The Nasdaq Stock Market, the effectiveness of the
Company's sales and marketing strategies and organization, the Company's
future revenue and operating performance, or about the development and
marketing of new products. The statements made by the Company are based upon
management's current expectations and are subject to certain risks and
uncertainties that could cause the actual results to differ materially from
those described in the forward-looking statements. These risks and
uncertainties include market conditions and other factors beyond the Company's
control and the risk factors and other cautionary statements described in the
Company's Annual Report on Form 10-K for the year ended June 30, 2012 and
other documents filed with the Securities and Exchange Commission.
CONTACT: Urologix Investor Relations Contact
Urologix Media Contact
Urologix, Inc. Logo
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