Stephen Joffe, MD, a private investor who describes himself as a "laser vision correction industry pioneer," has issued a statement saying that TLC Vision (New York) has refused to release its shareholder list to him. Joffe said he requested access to TLC Vision's list of shareholders in accordance with New York business corporation law.
Joffe said he plans to seek "legal remedies to ensure that TLC Vision acts in accordance with the laws of New York state."
Joffe owns 5% of the outstanding common shares of TLC.
"I am disappointed that TLC Vision is attempting to block us from communicating with fellow shareholders," Joffe said. Its refusal, he said, "reflects the insular attitude that has come to characterize this company's board of directors and top management. TLC Vision's unwillingness to facilitate free and open communication among their shareholders — to do what is right legally and ethically —only reinforces the need for shareholders to support new voices on the board to protect their interests."
Joffe noted that the company's stock recently traded at a 52-week low of $0.96 a share, down from 52-week high of $6.10 a share.
TLC operates about 80 refractive centers in the U.S. and Canada.
ImaRx receives Nasdaq deficiency letter
ImaRx Therapeutics (Tucson, Arizona) said that it received a Nasdaq staff deficiency letter on April 11, indicating that for the last 30 consecutive business days, the bid price of its common stock had closed below $1 per share. As a result, the company fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4).
The company intends to monitor the closing bid price of its common stock between now and Oct. 8 and work closely with Nasdaq to resolve the deficiency and consider available options to regain compliance with the minimum closing bid price requirement.
ImaRx Therapeutics is a biopharmaceutical company commercializing and developing therapies for vascular disorders.
m2m Imaging relocating to Cleveland
m2m Imaging reported that it has relocated its headquarters from New Jersey to Cleveland.
m2m is the combination of spin-out businesses from Columbia University (New York) and the University of Queensland (Brisbane, Australia). It said the Cleveland HQ includes advanced R&D, sales and marketing; additional R&D and ISO 9001/13485-certified manufacturing are located in Brisbane. m2m says its customers include a majority of U.S. and EU academic teaching institutions, pharmas and global medical imaging system manufacturers.
"We are pleased to be joining NE Ohio's regional medical imaging technology cluster, including Case Western Reserve University's Center for Imaging Research and Biomedical Engineering, the Cleveland Clinic, and a host of world-class companies, both large and small, who call Northeast Ohio their home" said C. Richard Hullihen, CEO of m2m Imaging. "We've been in discussion with BioEnterpise and several other regional development groups over the past two years and chose Cleveland because the area offers a rich history and unique combination of scientific collaboration, professional talent and supply chain infrastructure."
m2m imaging makes solutions for high-definition preclinical and clinical MRI coils and accessories.
North American Scientific to appeal delisting
North American Scientific (Chatsworth, California) said it received a letter from the Nasdaq stock market providing formal notice that the Nasdaq listing qualifications panel will consider the company's appeal of Nasdaq's delisting action at a hearing scheduled for May 22.
The company is required to submit a plan to the Nasdaq Listing Qualifications Panel by May 2. According to Nasdaq, historically panels have viewed a near-term reverse stock split as an acceptable definitive plan to resolve a bid price deficiency. The company's plan will include a one-for-five reverse stock split, approved by its board on Feb. 15, to be voted upon by its stockholders.
North American Scientific makes radiation therapy products.