Sontra Has At Least 180 Days to Regain Compliance
FRANKLIN, Mass., Nov. 29 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq: SONT) announced today that it received a deficiency
letter ("the Letter") on November 23, 2005 from the Nasdaq Stock Market
indicating that the Company is not in compliance with the continued listing
requirements on 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 "Minimum Bid Price Rule"). 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 provided 180 calendar days, or
until May 22, 2006, to regain compliance with the Minimum Bid Price Rule.
This Letter 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 May 22, 2006, 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
May 22, 2006, 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 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.
Sontra's SonoPrep(R) 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(R) 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(R) device and procedure tray for use with
topical lidocaine to achieve rapid (within five minutes) skin anesthesia.
Contact:
Sean Moran, Sontra Medical CFO
508-530-0334
This press release contains forward-looking statements, which address a
variety of subjects including, for example, Sontra's expected ability to
regain compliance with the Nasdaq minimum bid price requirement, the expected
benefits and efficacy of the SonoPrep device in connection with diagnostics,
vaccine delivery, glucose monitoring and transdermal drug delivery, the
expected market size and opportunities, distribution and market acceptance of
the SonoPrep device and technology, and Sontra's business, research, product
development, regulatory approval, marketing and distribution plans and
strategies. Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements. 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. The
following important factors and uncertainties, among others, could cause
actual results to differ materially from those described in these forward-
looking statements: if we are unable to regain compliance with the Nasdaq
minimum bid price requirements our stock will be delisted from Nasdaq; our
technology is new and we may experience adverse results in research
collaborations, product development, clinical trials, product evaluations,
commercialization efforts, product distribution and market acceptance; the
SonoPrep device may not prove effective in connection with diagnostics,
vaccine delivery, glucose monitoring and/or transdermal drug delivery; markets
for our products may develop slower than expected, or not at all; our sales
cycle is lengthy and we are still developing sales and marketing strategies
which may or may not prove effective; difficulties or delays in obtaining
regulatory approvals to market products resulting from development efforts;
difficulties or delays associated with sources of regulatory-approved
transdermal drugs and vaccines; failure to obtain and maintain patent
protection for discoveries; commercial limitations imposed by patents owned or
controlled by third parties; dependence upon strategic partners and third-
party distributors to develop, commercialize, market and sell products based
on our work; and the requirement for substantial funding to conduct research
and development and to expand commercialization, distribution and marketing
activities. 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.
Forward-looking statements represent management's current expectations and are
inherently uncertain. We do not undertake any obligation to update forward-
looking statements made by us.
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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