Cardima Receives Nasdaq Delisting Warning.Business Editors FREMONT, Calif.--(BUSINESS WIRE)--April 2, 2001 Cardima(R) Inc. (Nasdaq:CRDM CRDM Control Rod Drive Mechanism CRDM Centre for Rapid Design and Manufacture (Buckinghamshire Chilterns University) CRDM Cumann Rince Dea Mheasa (Irish dancing organisation) ), developer of the Revelation(TM) Tx microcatheter system, which is currently in Phase III clinical trials Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the for the treatment of atrial fibrillation atrial fibrillation Irregular rhythm (arrhythmia) of contraction of the atria (upper heart chambers). The most common major arrhythmia, it may result as a consequence of increased fibrous tissue in the aging heart, of heart disease, or in association with severe infection. (AF), today announced that it has received a letter from Nasdaq stating that its stock would be delisted, in accordance with Marketplace Rule 4310(c)(8)(B). "We will appeal this decision," said Ronald Bourquin, vice president and chief financial officer of Cardima. "We are also in the process of evaluating our alternatives to address the issues raised by Nasdaq." Nasdaq delists a company when its stock price falls below $1 for 30 consecutive trading days. A company then has 90 calendar days to get the price above the threshold and maintain a price above the threshold for 10 consecutive trading days. If a company appeals Nasdaq's decision to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. , the stock will continue to trade on the SmallCap Market, pending resolution of the appeal. Cardima developed the Revelation Tx system for the treatment of AF, which the company estimates is a potential $6 billion market that is poorly served by current treatment alternatives. AF afflicts an estimated 2.2 million people in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and approximately 4.5 million worldwide. The Revelation Tx system is a minimally invasive, single-use, microcatheter-based product for potentially curing AF, and is believed by the company to be two to three years ahead of other development-stage ablation therapies ablation therapy See Ablation–cardiology. in the approval process. The company will need to raise additional capital to continue to develop and market its products. Additional information is available at the company's Web site at www.cardima.com. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include the company's ability to raise additional funding, conduct successful clinical trials, obtain regulatory approvals and gain acceptance from the marketplace for its products. Additional risks are set forth in the company'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. for the year ended Dec. 31, 2000, filed with the Securities and Exchange Commission on March 22, 2001. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events. |
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