NAS receives NASDAQ notice

North American Scientific (Chatsworth, California) said that it received a notice from the NASDAQ stock market indicating that the company does not comply with the minimum $10 million stockholders’ equity requirement under Maintenance Standard 1 for continued listing on The NASDAQ global market set forth in Marketplace Rule 4450(a)(3). In addition, the company does not comply with the minimum $50 million market value of listed securities under Maintenance Standard 2 for continued listing.

In accordance with NASDAQ requirements, the company will submit a plan that it believes will allow it to achieve and sustain compliance with all NASDAQ global market listing requirements, including the minimum stockholders’ equity standard.

CMS approves QMed's special needs plans

QMed (Eatontown, New Jersey) said that the Centers for Medicare and Medicaid Services has approved its two medicare special needs plans (SNPs) for New Jersey as well as three SNPs in South Dakota, which QMed operates in collaboration with DAKOTACARE. The approvals cover the company's SNPs for heart conditions and stroke, which have now been expanded to include beneficiaries with certain arrhythmias; its two SNPs for a new chronic disease; and the dual eligible SNP for South Dakota. These plans can be marketed in both states as of October 1st and enrollment begins Nov. 15 for coverage beginning Jan. 1, 2008.

There are nearly 27,000 Medicare beneficiaries for the new chronic SNP and about 20,000 beneficiaries with arrhythmias in the company's current New Jersey service area. Added to 68,000 beneficiaries currently eligible for its SNP for heart conditions and stroke, there will be 125,000 beneficiaries eligible for its two New Jersey 2008 offerings. In South Dakota, there are about 9,000 Medicare beneficiaries for the new chronic SNP and 6,000 who have some form of arrhythmias. Added to the 19,000 beneficiaries currently eligible, the total beneficiaries eligible for the two SNPs in the state will be 34,000.