Nasdaq suspends bid price requirement
VirtualScopics (Rochester, New York) said it has been informed by the Nasdaq Stock Market that it has implemented a temporary suspension of the $1 minimum bid price requirement until Jan. 16, 2009. As a result of the rule suspension by Nasdaq, VirtualScopics now has until May 11, 2009, to regain compliance with the minimum $1 share bid price requirement instead of the previously reported date of Feb. 3, 2009.
The company said it has received stockholder approval to effectuate a reverse stock split, through May 9, 2009, in the event that the minimum bid price has not been achieved.
Nasdaq stated in its letter to the company that it believes this temporary suspension will permit companies to focus on running their businesses, rather than satisfying market-based requirements that are largely beyond their control in the current environment.
VirtualScopics is a provider of imaging solutions to accelerate drug and medical device development.
Hoana Medical cuts staff
Hoana Medical (Honolulu, Hawaii) said it has laid off staff to address slower payments from hospital customers who are having a tough time because of the credit crisis. The maker of wireless patient monitoring systems said most of the layoffs occurred among its Mainland staff, while fewer than five were let go in Honolulu.
"We're just kind of proactively looking forward," said Heather Herdman, Hoana's chief strategic officer. "It's a time to batten down the hatches," she said, noting that medical companies elsewhere are taking similar steps. "There's an overall weakness in the healthcare market."
The company said the layoffs were unrelated to the success it is beginning to enjoy with its LifeBed Patient Vigilance System that allows hospitals to continuously monitor patients when nurses and doctors aren't in a room. The system uses sensors embedded in a mattress coverlet and detects when a patient's condition worsens or becomes unsafe.
Raymedica now Centinel Spine
Raymedica (Minneapolis) unveiled a new corporate identity and brand strategy - Centinel Spine. it was formed in both existing and new fusion markets to gain further recognition in non-fusion markets. The new corporate identity a step in a series of activities that have resulted in a refined product focus, and increased operational efficienc in the global spine market.
"Our company has evolved significantly over the past year and so too must our corporate identity. The Centinel Spine identity is more reflective of who we are today as well as who we plan to be in the future," said John Viscogliosi, chairman/CEO of Centinel Spine.