Fonar (Melville, New York) said that on July 15 it filed a request for a hearing with the Nasdaq listing qualifications panel. The request has been granted. Fonar will request the continued listing of its securities based on Fonar s plan to solicit proxies and hold the annual meeting. Nasdaq has scheduled the hearing for late August. Fonar originally planned to hold its annual meeting in June. It is anticipated that the panel will render a decision within approximately 30 days after the hearing.
FDA completes IsoRay inspection
IsoRay (Richland, Washington) reported that the FDA has completed a baseline inspection of all its quality systems.
IsoRay said the inspection of its manufacturing and quality systems at its Richland facility took place from July 14-18. It said that the agency issued no report of deviations from Good Manufacturing Practices or list of observations.
"This was our first inspection by the FDA and involved a review of our entire Quality System. The fact that no 483 was issued from our first inspection is an important and very positive milestone in our company's history," said Fred Swindler, VP of regulatory affairs and quality assurance.
IsoRay says that, through its subsidiary, IsoRay Medical, itis the sole producer of the Proxcelan Cesium-131 brachytherapy seeds used to treat prostate and other cancers.
CHAD Therapeutics not in compliance
CHAD Therapeutics (Chatsworth, California) said that it has received a letter from the American Stock Exchange stating that it was not in compliance with the section of the AMEX company guide requiring stockholders' equity of less than $2 million and losses from continuing operations and/or net losses in two out of its three most recent fiscal years, stockholders' equity of less than $4 million and losses from continuing operations and/or net losses in three out of its four most recent fiscal years, and sustained losses which are so substantial in relation to overall operations or its existing financial resources.
The non-compliance makes the company's common stock subject to delisting from AMEX. The company is required to submit an initial plan to AMEX by Aug. 25, stating the actions it intends to take to bring the company into compliance with continued listing standards by Oct/ 25, 2008.
CHAD makes devices sleep disorder therapeutic products.