WALTHAM, Mass., March 13, 2015 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD) (the "Company"), the developer of the BGM Galectin-3® Test, today announced its receipt of a notice of non-compliance from the NASDAQ Listing Qualifications Staff (the "Staff") of The NASDAQ Stock Market LLC ("NASDAQ"). The notice indicated that, because the Company did not maintain a minimum closing bid price of $1.00 as of March 4, 2015, and notwithstanding the prior extension by the Staff to meet the minimum of $2.5 million in stockholders' equity on or before May 19, 2015, which minimum thresholds are set forth in NASDAQ Listing Rules 5550(a)(2) and 5550(b)(1), respectively, the Company's common stock would be subject to delisting from The NASDAQ Capital Market unless it makes a timely request for a hearing before the NASDAQ Listing Qualifications Panel (the "Panel").
The Company will request a hearing at which it will present its plan to regain and maintain compliance with the applicable listing requirements. The Company's common shares will remain listed and continue to trade on NASDAQ under the symbol "BGMD" pending the hearing and the expiration of any extension granted by the Panel. However, there can be no assurance, that the Panel will grant the Company's request for continued listing.
The Staff's most recent determination follows the Company's prior disclosure regarding the 180-day grace period provided by NASDAQ for the Company to regain compliance with the minimum bid price requirement, through March 4, 2015, and notwithstanding the most recent correspondence from NASDAQ indicating that the Staff had granted the Company an extension through May 19, 2015 to satisfy the minimum stockholders' equity requirement.
About BG Medicine, Inc.
BG Medicine, Inc. (Nasdaq:BGMD), the developer of the BGM Galectin-3® Test, is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders. For additional information about BG Medicine, heart failure and galectin-3 testing, please visit www.BG-Medicine.com.
The BG Medicine Inc. logo is available for download here.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our plans to request a hearing with NASDAQ, our ability to regain and maintain compliance with the applicable listing requirements, the ultimate outcome of the hearing and the continued listing of the Company's securities on The NASDAQ Capital Market. These forward-looking statements are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include, among other things, the factors discussed under the heading "Risk Factors" contained in BG Medicine's annual report and quarterly reports filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and BG Medicine disclaims any obligation to update the information contained in this press release as new information becomes available.
CONTACT: Stephen Hall, EVP & Chief Financial Officer (781) 890-1199
Source:BG Medicine, Inc.