FRANKLIN, Mass., Nov. 29 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (Nasdaq: SONT) today announced it received a notice on November
22, 2006 from the Nasdaq Stock Market indicating that the Company is not in
compliance with Nasdaq's requirements for continued listing because the
Company did not have either: (i) a minimum of $2,500,000 in stockholders'
equity as of September 30, 2006, (ii) at least $35,000,000 market value of
listed securities, or (iii) at least $500,000 of net income from continuing
operations for the most recently completed fiscal year or two of the three
most recently completed fiscal years. Nasdaq requires compliance with one
of the foregoing criteria for continued inclusion under Nasdaq Marketplace
Rule 4310(c)(2)(B). Such letters are standard procedure when a listed
company does not meet the requirements listed above. The notification has
no effect on the listing of Sontra's common stock at this time. Nasdaq
stated in its notice that it is reviewing Sontra's eligibility for
continued listing on the Nasdaq Capital Market. In order to facilitate
Nasdaq's review, on or before December 7, 2006, the Company must submit a
specific plan on how it intends to achieve and sustain compliance with all
the Nasdaq Capital Market listing requirements, including the time frame
for completion of the plan. Sontra expects to submit the plan on or before
such date. As reported in Sontra's Form 10-Q for the quarter ended
September 30, 2006, the Company had stockholders' equity of $1,649,396 at
September 30, 2006.
If, upon conclusion of the review process, Nasdaq determines that the
Company's plan does not adequately address the issue of compliance with
Nasdaq's listing requirements, the Company would receive written
notification from Nasdaq that its securities will be delisted, and the
Company will have the option of requesting a hearing and appealing the
decision to a Nasdaq Listing Qualifications Panel.
As previously announced, on October 17, 2006 the Company received a
deficiency notice from Nasdaq based on the Company's failure to satisfy
Nasdaq's $1.00 per share minimum bid price requirement. By Nasdaq rule,
Sontra has until April 16, 2007 to regain compliance with the minimum bid
price rule.
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 owns
technology 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, a determination by
the Company to wind down its business or file for bankruptcy; the
availability of substantial additional funding for the Company to continue
its operations and to conduct research and development, clinical studies
and future product commercialization; the Company's business, research,
product development, regulatory approval, marketing and distribution plans
and strategies; 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. 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.
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,
+1-508-530-0311, hmitchell@sontra.com
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