Aksys (Lincolnshire, Illinois) said it has received a determination from the Nasdaq that the common stock purchase agreement the company executed on Jan. 13 violated Nasdaq's shareholder approval rules.

The company and Fusion Capital Fund II (Chicago) have amended the agreement in response, clarifying the circumstances under which shareholder approval would be required, and Nasdaq confirmed that the amended agreement complies with approval rules.

Aksys produces hemodialysis products, providing services for patients suffering from kidney failure. The company's lead product, the PHD System, is a hemodialysis system designed to improve clinical outcomes of patients and reduce mortality, morbidity and the associated high cost of patient care.

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