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Pharsight Files Application for Nasdaq Capital Market Listing
Sep 18, 2007 (06:09 AM EDT)
MOUNTAIN VIEW, Calif., Sept. 18 /PRNewswire-FirstCall/ -- Pharsight Corporation , a leading provider of software and strategic services for optimizing clinical drug development, today announced that it has filed an application to list its common stock on the Nasdaq Capital Market. The Company will work with Nasdaq to complete the application process.
"This application is an important milestone for Pharsight," said Shawn O'Connor, president, CEO, and chairman of Pharsight. "Three years ago we embarked upon a strategy that we believed would lead to profitable revenue growth and enhanced value for our stockholders. Since that time, we have delivered consistent, positive net income and revenue growth. We believe the successful listing of Pharsight's common stock on the Nasdaq Capital Market will encourage an increase in our valuation, one that is more in-line with companies with similar dynamics and one that more adequately reflects our long-term opportunities for growth."
As part of the Nasdaq application and approval process, the Company must meet certain eligibility criteria. The Company believes it currently meets every eligibility criterion with the exception of a minimum bid price of $4. The Company's stockholders recently approved a reverse stock split, which, once completed, the Company believes will allow it to meet this final requirement.
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. Pharsight's goal is to help customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight's approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes. Pharsight is headquartered in Mountain View, California. Information about Pharsight is available at http://www.pharsight.com . Safe Harbor
This press release includes forward-looking statements, including statements regarding listing on the Nasdaq Capital Market, Pharsight's valuation and growth opportunities, the completion of a reverse stock split and Pharsight's stock price. These forward-looking statements involve risks and uncertainties, and factors that could cause actual results to differ materially include the following: changes in the demand for Pharsight's products and services; changes in Pharsight's operating strategies, pricing models or research and development focus; the failure to develop new products and services or to keep pace with technological changes; the failure of the market for Pharsight's products and services to develop as expected; the failure to generate additional sales from existing customers or to generate sales to new customers; the failure to meet customers' expectations; uncertainties involved in pharmaceutical drug development; changes in government regulation of the pharmaceutical industry; and uncertainties regarding the listing of our common stock on the Nasdaq Capital Market; and general market conditions. There can be no assurance that Pharsight's common stock will be approved for listing on the Nasdaq Capital Market. Further information on potential factors that could affect actual results is included in Pharsight's Quarterly Report on Form 10-K, as filed with the Securities and Exchange Commission on June 27, 2007. All forward-looking statements are based on information available to Pharsight as of the date hereof, and Pharsight assumes no obligation to update such statements, whether as a result of new developments or otherwise.
Contacts: Investors Media EVC Group EVC Group Jennifer Beugelmans, 646-201-5447 Jennifer Saunders Douglas Sherk, 415-896-6820 646-201-5431
CONTACT: Investors, Jennifer Beugelmans, +1-646-201-5447, or DouglasSherk, +1-415-896-6820; or Media, Jennifer Saunders, +1-646-201-5431, allfor Pharsight Corporation
Web site: http://www.pharsight.com/