FRANKLIN, Mass., Oct. 20 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq: SONT) announced today that it received a deficiency
letter on October 17, 2006 from the Nasdaq Stock Market indicating that the
Company is not in compliance with the continued listing requirements of The
Nasdaq Capital Market because for the previous 30 consecutive business
days, the bid price had closed below the $1.00 minimum per share
requirement for continued listing as set forth in Marketplace Rule
4310(c)(4). The issuance by Nasdaq of such letters is standard procedure
when a listed company does not meet the minimum bid price rule. By Nasdaq
rule, Sontra will be allowed 180 calendar days, or until April 16, 2007, to
regain compliance with the minimum bid price rule. The letter from Nasdaq
has no effect on the listing of the Company's common stock at this time.
The letter also stated that, in accordance with Marketplace Rule
4310(c)(8)(E), if at any time before April 16, 2007, the bid price of the
Company's common stock closes at or above $1.00 per share for a minimum of
ten consecutive business days, the Company will be provided written notice
that it complies under the minimum bid price rule.
If compliance with the minimum bid price rule cannot be demonstrated by
April 16, 2007, the Staff will determine whether Sontra meets The Nasdaq
Capital Market initial listing criteria set forth in Marketplace Rule
4310(c), except for the bid price requirement. If the Company meets the
initial listing criteria, the Company will be given notice that it has been
granted an additional 180 calendar-day period to comply with the minimum
bid price rule. If it is determined that the Company is not eligible for
this additional compliance period, the Company will be provided with
written notice that its securities will be delisted. At that time, the
Company may appeal to a Listing Qualifications Panel the Staff's
determination to delist its securities.
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal
science and is developing a non-invasive, continuous transdermal glucose
monitor ("CTGM") for principal use in the Intensive Care Market. Through
its platform technology, the SonoPrep(R) Permeation System, combined with
technical competencies in transdermal drug formulation, analysis, delivery
systems and biosensors, the Company is creating a new paradigm in
transdermal drug delivery and diagnosis. The CTGM and other company
products are being developed for several billion dollar market
opportunities, all utilizing skin permeation, chemistry and biosensor
technology developed by the Company. In addition, the Company is developing
products for transdermal delivery of large molecule drugs and vaccines.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Any
forward-looking statements contained herein are based on current
expectations, but are subject to a number of risks and uncertainties. The
factors that could cause actual future results to differ materially from
current expectations include, but are not limited to, risks and
uncertainties relating to the Company's ability to develop, market and sell
products based on its technology, including a continuous transdermal
glucose monitor for the hospital ICU market; the expected size of the
market for the continuous transdermal glucose monitor for the hospital ICU
market; the expected benefits and efficacy of the SonoPrep device in
connection with diagnostics, vaccine delivery, glucose monitoring and
transdermal science; the availability of substantial additional funding to
conduct research and development, clinical studies and future product
commercialization; and, the Company's business, research, product
development, regulatory approval, marketing and distribution plans and
strategies. These and other factors are identified and described in more
detail in our filings with the SEC, including, without limitation, our
respective annual reports on Form 10-KSB for the year ended December 31,
2005, our most recent quarterly reports on Form 10-QSB, and our current
reports on Form 8-K. We do not undertake to update these forward-looking
statements made by us.
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.
Investor Relations Contact:
Harry G. Mitchell, CFO
508-530-0311
hmitchell@sontra.com
SOURCE Sontra Medical Corporation
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Related links:
http://www.sontra.com
CONTACT:
Harry G. Mitchell, CFO of Sontra Medical
Corporation, +1-508-530-0311, hmitchell@sontra.com
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