Plans to Request Hearing with Listing Qualifications Panel
FRANKLIN, Mass., May 24 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq: SONT) announced today it received a Nasdaq Staff
Determination on May 23, 2006 from the Nasdaq Stock Market stating that the
Company failed to comply with the minimum bid price requirement for
continued listing set forth in Marketplace Rule 4310(c)(4), and that as a
result, its common stock will be delisted from The Nasdaq Capital Market at
the opening of business on June 1, 2006. The Company plans to file a
request for a hearing before the Nasdaq Listing Qualifications Panel to
appeal the Staff Determination. A hearing request will stay the delisting
of the Company's common stock and the Company's common stock will continue
to trade on The Nasdaq Capital Market pending the outcome of the hearing.
There can be no assurance that the Nasdaq Listing Qualifications Panel will
grant the Company's request for continued listing.
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal
science. Sontra's SonoPrep ultrasound-mediated skin permeation technology
combined with technical competencies in transdermal drug formulation,
delivery systems and biosensors is creating a new paradigm in transdermal
drug delivery and diagnosis. The SonoPrep technology is being developed for
several billion dollar market opportunities, including continuous glucose
monitoring and the transdermal delivery of large molecule drugs and
vaccines. Sontra is currently marketing the SonoPrep device and procedure
tray for use with topical lidocaine to achieve rapid (within five minutes)
skin anesthesia.
Investor Relations Contact:
Sean Moran, Sontra Medical CFO 508-530-0334
SonoPrep is a registered trademark of Sontra Medical Corporation. All
other company, product or service names mentioned herein are the trademarks
or registered trademarks of their respective owners.
This press release contains forward-looking statement. Statements that
are not historical facts, including statements about our beliefs and
expectations, are forward-looking statements and include statements
regarding our planned strategic initiatives and our ability to maintain a
listing on Nasdaq. Such statements are based on our current expectations
and are subject to a number of factors and uncertainties, which could cause
actual results to differ materially from those described in the
forward-looking statements. Such factors and uncertainties include, but are
not limited to, that the Company will not be successful in its request for
continued listing, and risks related to our planned strategic initiatives,
including that such initiatives may not occur as planned or that they do
not result in continued listing. Forward- looking statements speak only as
of the date they are made, and we undertake no duty or obligation to update
any forward-looking statements in light of new information or future
events, unless required by law. For detailed information about factors that
could cause actual results to differ materially from those described in the
forward-looking statements, please refer to Sontra's filings with the
Securities and Exchange Commission, including Sontra's most recent
Quarterly Report on Form 10-QSB.
SOURCE Sontra Medical Corporation
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Related links:
http://www.sontra.com/
CONTACT:
Sean Moran, Sontra Medical CFO,
+1-508-530-0334
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