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01/27/04
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Shares Outstanding: 92,736,000 Shares From 10-Q. Maybe Over 150M Shares Now.
Shares Authorized: 175,000,000 Shares.
Status: Bankruptcy.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage pharmaceutical company marketing two FDA-approved products in the United States: ANTARA® (fenofibrate) capsules, a cardiovascular product and FACTIVE® (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic. ANTARA is indicated for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity. Oscient promotes ANTARA and FACTIVE through a national sales force calling on primary care physicians, cardiologists, endocrinologists and pulmonologists.
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.
On May 21, 2009, Oscient Pharmaceutical Corporation (the "Company") received a Staff Determination Letter from the Listings Qualification Department of The NASDAQ Stock Market LLC indicating that the Company is not in compliance with the filing requirement of Rule 5250(c)(1) of the NASDAQ Listing Rules due to its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009. As previously disclosed by the Company on Form 12b-25 Notification of Late Filing filed May 15, 2009, the Company was unable to complete its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009 without unreasonable effort or expense as a result of the departure of certain employees and the ongoing review of strategic alternatives.
The Company has 60 calendar days, or until July 20, 2009, to submit a plan to regain compliance. Following such submission, NASDAQ may provide the Company with up to 180 calendar days from the filing's due date, or until November 11, 2009, to regain compliance. If NASDAQ does not accept the Company's plan to regain compliance, the Company will receive written notification of delisting from NASDAQ and at that time will be entitled to request a hearing before a NASDAQ Listing Qualifications Panel to appeal the NASDAQ decision pursuant to Rule 5815(a) of the NASDAQ Listing Rules.
On May 22, 2009, the Company issued a News Release with respect to the Staff Determination Letter referenced herein. A copy of that News Release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
On April 30, 2009 Oscient Pharmaceuticals Corporation (the "Company") filed a Form 10-K/A with the Securities and Exchange Commission reporting a Security Ownership of Certain Beneficial Owners and Management (the "Beneficial Ownership Table") based on 39,431,805 shares of the Company's common stock outstanding at that time. As of May 21, 2009 there were 71,082,891 shares of the Company's common stock outstanding.
An updated Beneficial Ownership Table reflecting the number of shares of the Company's common stock outstanding as of May 21, 2009 is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
