BioVeris Receives Nasdaq Delisting Notification
Tuesday July 20, 9:23 am ET
GAITHERSBURG, Md., July 20 /PRNewswire-FirstCall/ -- BioVeris Corporation (Nasdaq: BIOV - News) announced today that the staff of the Nasdaq Listing Qualifications Department (the "Staff") has notified the Company that it is not in compliance with the requirements of a NASD Marketplace Rule because it has not yet filed its Annual Report on Form 10-K for the period ending March 31, 2004 with the Securities and Exchange Commission. Consequently, the Staff has sent a letter to BioVeris which states that BioVeris's common stock is subject to delisting from The Nasdaq Stock Market, Inc. BioVeris's delay in filing its Form 10-K is the only listing deficiency cited by the Staff.
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On July 15, 2004, BioVeris reported selected, unaudited financial results for the quarter and fiscal year ended March 31, 2004. In addition, BioVeris further announced that it would present its complete consolidated financial results and complete its Form 10-K for the year ended March 31, 2004 once it was able to include the audited financial statements of Meso Scale Diagnostics, LLC (MSD), which were not yet available, and conclude on BioVeris's appropriate accounting for MSD.
Commencing today, BioVeris's trading symbol will be amended from "BIOV" to "BIOVE" because of the filing delinquency. In accordance with applicable NASD Marketplace Rules, BioVeris expects to file a request to review the Staff determination before a Nasdaq Listing Qualifications Panel (the "Panel"), and as a result the delisting of BioVeris's stock would be automatically stayed. Until the Panel's ultimate determination, BioVeris expects that its common stock will continue to be traded on the Nasdaq Stock Market. There is no assurance that BioVeris will prevail in any hearing described above.<snip> |
