Adeza Announces Board of Director Resignation.SUNNYVALE, Calif. -- Adeza (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADZA) today announced that Nancy D. Burrus, general partner of Indosuez Ventures, resigned from the company's board of directors. Ms. Burrus was also a member of the board's compensation and audit committees. Adeza's board currently includes six directors, including five independent directors. "Nancy has been part of the Adeza team for more than 11 years and we are thankful for her dedication to the company," said Emory V. Anderson, president and chief executive officer. "Her advice and counsel have been a tremendous asset to us. We are all grateful for her contributions to moving Adeza forward." On August 4, 2006, Adeza received a letter from Nasdaq informing the company that, due to Ms. Burrus' resignation, the company was no longer in compliance with the requirements for listing on The Nasdaq Global Market under Marketplace Rule 4350(d)(2), which requires that the company's audit committee have at least three independent directors. The letter also informed the company that under Marketplace Rule 4350(d)(4), the company had until its next annual stockholders' meeting to remedy this non-compliance. Greg Vontz, an independent director of the company, has been appointed to Adeza's audit committee. On August 8, 2006, Nasdaq notified Adeza that the appointment of Mr. Vontz to the audit committee restored the company's compliance with Rule 4350(d)(2) and that the matter is now closed. About Adeza Adeza designs, manufactures and markets innovative products for women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. . Adeza's initial focus is on reproductive healthcare using its proprietary technologies to predict preterm preterm /pre·term/ (-term´) before completion of the full term; said of pregnancy or of an infant. pre·term adj. birth and assess infertility. Adeza's principal product is a patented diagnostic test, FullTerm(TM), The Fetal Fibronectin Fetal fibronectin (fFN) is a protein produced by fetal cells and a type of fibronectin. fFN is found at the interface of the chorion and the decidua (between the fetal sack and the uterine lining). Test, which utilizes a single-use, disposable cassette and is analyzed on Adeza's patented TLiIQ(R) System. This product is approved by the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) for use in assessing the risk of preterm birth. Adeza also markets and sells the E-tegrity(R) Test, an infertility-related test to assess receptivity of the uterus to embryo implantation implantation /im·plan·ta·tion/ (im?plan-ta´shun) 1. attachment of the blastocyst to the epithelial lining of the uterus, its penetration through the epithelium, and, in humans, its embedding in the stratum compactum of the in women with unexplained infertility. In May 2006, Adeza announced the submission of its New Drug Application (NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any ) to the FDA for Gestiva(TM), a long-acting form of a naturally occurring progesterone progesterone (prōjĕs`tərōn'), female sex hormone that induces secretory changes in the lining of the uterus essential for successful implantation of a fertilized egg. to prevent preterm birth in women with a history of preterm delivery. Adeza's NDA submission includes data from a clinical study conducted by the National Institutes of Health. In June 2006, the NDA for Gestiva was granted Priority Review status and given an August 29, 2006 FDA Advisory Committee review date. More information is available at www.adeza.com. Adeza cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements, including for example, statements related to Gestiva's regulatory status and medical potential. The inclusion of forward-looking statements should not be regarded as a representation by Adeza that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Adeza's business including, without limitation, risks related to the anticipated regulatory or commercial path for its product candidates. Further information about these and other risks is included Adeza's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other periodic and current reports filed by Adeza with the Securities Exchange Commission (SEC), which are available from the SEC's Web site (www.sec.gov), and also available on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Adeza's Web site. All forward-looking statements are qualified in their entirety by this cautionary statement and Adeza undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. |
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