LAVAL, QC, Dec. 31 /CNW/ - Labopharm Inc. (TSX: DDS; NASDAQ: DDSS) today
announced that on December 29, 2010 it received notice from the Listings
Qualifications Department of The Nasdaq Stock Market (Nasdaq) that the
closing bid price of the Company's common shares was below the minimum
requirement of US$1.00 per share for 30 consecutive business days and
the Company was therefore not in compliance with Nasdaq Listing Rules.
The notification has no impact at this time on the listing of
Labopharm's common shares on The Nasdaq Capital Market and Labopharm's
common shares will continue to trade on The Nasdaq Capital Market under
the symbol "DDSS". The notification also has no impact on the listing
of the Company's common shares on the Toronto Stock Exchange and the
Company's common shares will continue to trade on the Toronto Stock
Exchange under the symbol "DDS".
Labopharm has been provided a period of 180 calendar days, or until June
27, 2011, to regain compliance with the minimum closing bid price
requirement. Labopharm can regain compliance if the closing bid price
of its common shares is US$1.00 or higher for a minimum of ten
consecutive business days during the compliance period.
If Labopharm does not re-establish compliance by June 27, 2011, Nasdaq
will provide written notification to the Company that its common shares
are subject to delisting. At that time, the Company may be eligible
for an additional 180 calendar day compliance period if it meets the
initial listing standards, with the exception of minimum closing bid
price, for The Nasdaq Capital Market, and it provides a written plan to
re-establish compliance during the second grace period.
About Labopharm Inc.
Labopharm is an emerging leader in optimizing the performance of
existing small molecule drugs using its proprietary controlled-release
technologies. The Company's commercialized products include OLEPTRO™, a
once-daily antidepressant marketed in the U.S. and a unique once-daily
formulation of tramadol marketed in 19 countries, including the U.S.
Labopharm's third product, a twice-daily formulation of
tramadol-acetaminophen, is approved in multiple countries in Europe
with launches anticipated in late 2011. The Company also has a
pipeline of follow-on products in both pre-clinical and clinical
development. Labopharm is headquartered in Laval, Canada with U.S.
offices in Princeton, New Jersey.
This press release contains forward-looking statements, including those
relating to Nasdaq de-listing procedures, which reflect the Company's
current expectations regarding future events. These forward-looking
statements involve risks and uncertainties, many of which are beyond
the Company's control. Actual events could differ materially from those
projected herein and depend on a number of risks and uncertainties,
including risks related to the Company's ability to complete partnering
transactions and the terms of any such collaboration, if any, risks
related to the market acceptance of the Company's products and the
speed of adoption by clinicians, risks related to intellectual property
protection and potential infringement of third-party rights, risks
related to research and development of pharmaceutical products and
regulatory approvals, and risks associated with intense competition in
the pharmaceutical industry generally. For additional disclosure
regarding these and other risks faced by Labopharm Inc., see the
disclosure contained in its public filings in the U.S. with the
Securities and Exchange Commission (SEC) and in Canada with the
Canadian Securities Administrators (CSA), available on the Investor
Relations section of the Company's website at www.labopharm.com and on
the SEC's website at www.sec.gov and on the CSA's website at www.sedar.com. Investors are cautioned not to place undue reliance on these
forward-looking statements. Unless required by law, the Company
undertakes no obligation to update or revise the information contained
in this press release, whether as a result of new information, future
events, or circumstances or otherwise.
SOURCE LABOPHARM INC.
For further information: For further information:
|At Labopharm Inc. |
Senior Vice-President and Chief Financial Officer
Tel: (450) 686-0207
| At The Equicom Group|
Media and Investor Relations
Tel: (416) 815-0700 ext. 257
Tel: (514) 844-7997