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August 22, 2008 -- Somatic Systems, Inc. (Other OTC:SMAS.PK) is pleased to announce they have opened a new office in the greater Phoenix area of Arizona. This is the company's first location in the Southwestern United States, and marks the beginning of a broader nationwide expansion process for Somatic Systems.
The new Phoenix location will serve as a dedicated sales office, which will enable low overhead while providing a presence for Somatic Systems in an as yet untapped regional market, as well as providing more direct and rapid access to surrounding markets such as California and the rest of the Western United States. Sales personnel will be targeting hospitals and rehabilitation facilities as well as individual health care professionals, with the goal of expanding both Somatics Systems' professional training program (to produce additional certified practitioners of the company's proprietary Somatics pain management system) and its Somatics pain management clinic locations.
These two sectors are the foundation of much of the company's ambitious growth plans, and will be supplemented by increased sales in its third sector, retail self-help Somatics products. This growth may be dramatically enhanced by the new office's focus on selling Somatics pain management franchises. The franchise model provides an opportunity to extend Somatics' brand more rapidly -- as well as meet surges in demand from the company's upcoming branding and marketing campaigns, including national television coverage this fall.
While this sales location is part of the company's long-range growth and business plans, the actual launch of the office was facilitated through meetings and strategic partnerships with shareholders in the company. Shareholders from the general public who invested in Somatic Systems became so impressed -- both with the groundbreaking methods of the company's proprietary Clinical Somatics, and with its potential to revolutionize the health care industry -- that they become instrumental in launching the office. "We are looking forward to a bold future of Somatics clinics across the country," stated Somatic Systems CEO Steven Aronstein. "We know that growth in Somatics comes from what a great product it is, and we are proud that the opening of this new office is a direct reflection of that greatness."
August 22, 2008 - NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced that the interim quality of life analysis from the FREEDOM study will be presented during the American Society of Nephrology Renal Week 2008 Annual Meeting taking place November 4-9, 2008, in Philadelphia, Pennsylvania. An abstract entitled "Daily Home HD (DHD) Improves Quality of Life (QoL) Measures, Depressive Symptoms and Recovery Time: Interim Results from the FREEDOM Study," is scheduled to be presented on Friday, November 7, 2008 at 4:00 p.m.
Sponsored by NxStage, and implemented in collaboration with up to 70 U.S. dialysis clinics and the United States Renal Data System (USRDS), FREEDOM (Following Rehabilitation, Economics, and Everyday Dialysis Outcome Measurements) is a prospective study to quantify the clinical benefits and cost savings of daily therapy administered to Medicare patients with the NxStage System One versus conventional thrice-weekly dialysis.
August 22, 2008 - Predictive medicine company PreMD Inc. (TSX: PMD; Amex: PME | Quote | Chart | News | PowerRating) today announced that it has received notice from the American Stock Exchange LLC (the "AMEX" or "Exchange") that it intends to suspend trading in PreMD's stock on the AMEX effective August 28, 2008 and to initiate delisting proceedings.
PreMD originally received notification of the Exchange's intention to delist on May 28, 2008. The Company appealed this decision and a hearing was held with the Listing Qualifications Panel on August 12, 2008. The panel also considered the Company's recent press release on August 18, 2008 announcing that the U.S. Food and Drug Administration (the "FDA") had upheld its previous decision regarding the Non-Substantially Equivalent letter with respect to PreMD's skin cholesterol test. Based on the written submissions, oral presentations and the recent announcement, the panel unanimously affirmed the determination to delist the common stock of the Company.
The AMEX stated that the basis for its determination to delist the Company's common stock was based upon the Company being non-compliant with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the AMEX Company Guide, all of which relate to the Company's insufficient stockholder's equity as previously reported in the Company's filings with the SEC. PreMD continues to trade on the Toronto Stock Exchange (the "TSX") under the symbol PMD.
August 22, 2008 -- SenoRx (NasdaqGM:SENO) today announced that Hologic and SenoRx have agreed jointly to request that the United States District Court for the Northern District of California resume proceedings in the lawsuit pending between the parties, including rescheduling the Markman claims construction hearing. The Court had previously granted a joint request by the parties to stay all proceedings in the case, including the Markman claims construction hearing (previously scheduled for June 25, 2008) and trial (previously scheduled to begin on July 14, 2008), for at least sixty days in order to provide the parties time to discuss possible resolution of the matter.
Market wrap for August 22, 2008 -
Stocks finished the week on a strong note, but the lack of volume suggested there was little conviction behind the buying.
Interest in the financial sector waned, though, when Moody's Investors Service downgraded the ratings on preferred shares of Fannie Mae (FNM 5.00, +0.15) and Freddie Mac (FRE 2.81, -0.35) to Baa3 from A1.
Traders were also encouraged oil prices rolled over in the face of a strengthening dollar, profit-taking, and news shipments are flowing again through a previously closed Turkish pipeline. Crude climbed more than 5% yesterday, but reversed the advance to finish below $115 per barrel. Crude remains nearly 20% higher year-to-date.
The drop in oil prices fueled buying in airline stocks and oil sensitive areas like consumer discretionary stocks. The Amex Airline Index finished 8.2% higher and the consumer discretionary sector finished up 2.2%.
Gap (GPS 19.88, +0.87) played a supporting role in the consumer discretionary sector. It announced better-than-expected earnings per share results and offered in-line guidance.
Although the session's gains were pleasing, there is actually less to them than meets the eye when taking into account the light volume that has accompanied the move. Total volume didn't break 900,000 on the NYSE.
Each of the major indices closed the session with a gain in excess of 1%. For the week, though, the Dow closed 0.3% lower, the Nasdaq shed 1.5%, and the S&P 500 lost 0.5%.DJ30 +197.85 NASDAQ +34.33 NQ100 +1.3% R2K +1.7% SP400 +0.9% SP500 +14.48 NASDAQ Adv/Vol/Dec 1983/1.38 bln/797 NYSE Adv/Vol/Dec 2237/889 mln/874
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