VNUS not in compliance with Nasdaq
VNUS Medical Technologies (San Jose, California) said that it had received a notification from the Nasdaq market that it is not in compliance with Nasdaq's audit committee requirements. The non-compliance is due to the resignation of Kathleen LaPorte from VNUS' audit committee in May 2005, resulting in only two independent directors remaining on the committee. LaPorte was a general partner of the Sprout Group, a life science venture capital firm, and informed VNUS' board of directors that she could no longer serve on the audit committee due to the Sprout Group's policies regarding non-participation in audit committees of public companies. LaPorte continues to be a member of the board and to serve on the board's compensation committee.
Nasdaq said that VNUS will be provided a “cure period“ until the earlier of VNUS's next annual shareholders' meeting or May 17, in order to regain compliance.
VNUS is a provider of medical devices for the minimally invasive treatment of venous reflux disease.
TLC Vision opens Roanoke eye center
TLC Vision (St. Louis), an eye care services company, reported the opening of a LASIK Select center in Roanoke, Virginia. This is the second of five new centers expected to open in the first quarter, and 10 LASIK Select centers total for 2006, the company said.