Medtronic (Minneapolis) has reported plans to cut 1,100 jobs worldwide this year to realign operations after its two largest businesses experienced slow growth. The company will cut jobs in units "no longer growing at previous rates" and add some positions in areas with potential for growth, such as its neuromodulation business, a spokeswoman said.
The company is consolidating operations and shifting some manufacturing to sites outside the U.S., including Mexico. Medtronic has a device manufacturing plant in Tijuana and also has operations in Mexico City.
MaxWell USA to hold medical symposium
MaxWell USA (Washington) will hold its first annual international symposium on medical and pharmaceutical research and business in the Commonwealth of Independent States on May 28, at the Ritz-Carlton Hotel in Washington.
Titled "21st Century Pharmaceutical Production and Health Care Research & Delivery in the Commonwealth of Independent States," the symposium will consist of a Research Track and a Business Track and includes panel sessions on:
• Oncology, cardiology and immunology.
• Perspectives on Ukrainian medicine today.
• Doing business in Ukraine.
• Global sourcing and supply of pharmaceutical equipment and ingredients.
• Challenges of modern pharmaceutical manufacturing in the CIS and the U.S.
• Business law in the CIS and U.S.
• The business of healthcare and medical insurance in the CIS and U.S.
Former U.S. Rep. Curt Weldon will give the keynote speech.
Peter Leitner, president of MaxWell USA, said that the company's focus is to integrate Ukraine "into the larger international community. This private sector-sponsored symposium demonstrates that there are lucrative opportunities in Ukraine and other republics of the Commonwealth of Independent States."
The symposium will be conducted in Ukrainian, Russian and English, with simultaneous translation available.
American Bio Medica gets Nasdaq letter
American Bio Medica (ABMC; Kinderhook, New York) said it has received a letter from the Nasdaq stock market providing the company with an additional 180-calendar-day compliance period, or until Nov. 10, to regain compliance with the $1 minimum bid price rule set forth in Nasdaq Marketplace Rule 4310(c)(4).
The letter states that although ABMC has not yet regained compliance with the rule, it has met all initial inclusion criteria for the Nasdaq Capital Market as set forth in Marketplace Rule 4310(c) except for the bid price. Accordingly, ABMC has been granted a 180-day extension to regain compliance with the minimum bid price requirement. To regain compliance, anytime before Nov. 10, the bid price of the company's common shares must close at $1 a share or more for a minimum of 10 consecutive business days.
American Bio Medica makes immunoassay diagnostic test kits.
PainCare to voluntarily withdraw Amex listing
PainCare Holdings (Orlando, Florida), a provider of pain-focused medical and surgical solutions and services, said that it will voluntarily withdraw its common stock from listing on the Amex. PainCare's board considered several factors:
— The company has failed to timely file periodic reports with the SEC, in violation of sections 134 and 1101 of the Amex company guide.
— The company has failed to comply with sections 1003(a)(i); section 1003(a)(ii) and section 1003(a)(iii) as well as section 1003(a)(iv) of the Amex company guide.
PainCare said the delisting will be effective on or about May 29. After withdrawal of its common stock from listing on the Amex, the company expects that the shares will be quoted on the OTC Pink Sheets. PainCare will report its new ticker symbol at that time.