MONTVALE, N.J., Oct. 21, 2008 (GLOBE NEWSWIRE) -- Ivivi Technologies, Inc. (Nasdaq:IVVI), a leader in non-invasive, electroceutical(r) therapy systems designed to target and enhance the body's anti-inflammatory and angiogenic responses, today commented on NASDAQ's October 16, 2008 announcement that it had implemented a temporary suspension of the $1.00 minimum bid price requirement until January 19, 2009. As a result of the rule suspension by NASDAQ, Ivivi will now have until July 2, 2009 to regain compliance with the minimum $1.00 share bid price requirement instead of the previously reported date of March 30, 2009.
Ivivi Technologies previously announced that on September 29, 2008, the Company received a deficiency notice from The Nasdaq Stock Market notifying the Company that it was not in compliance with Nasdaq Marketplace Rule 4310(c)(4) because the Company's common stock closed below the minimum bid price of $1.00 per share for the last 30 consecutive business days. In accordance with Marketplace Rule 4310(c)(8)(D), Ivivi had been provided an initial period of 180 calendar days, or until March 30, 2009, to regain compliance with the minimum $1.00 share bid price requirement.
NASDAQ stated in its Issuer Alert #2008-005, dated October 16, 2008, that it believes this temporary suspension will permit companies to focus on running their businesses, rather than satisfying market based requirements that are largely beyond their control in the current environment. NASDAQ also stated that it will continue to monitor companies to determine if they regain compliance during the temporary suspension.
About Ivivi Technologies, Inc.
Based in Montvale, NJ, Ivivi Technologies, Inc. is a medical technology company focusing on designing, developing and commercializing its proprietary electrotherapeutic technology platform, with a primary focus on developing treatments for cardiovascular disease. Ivivi's research and development activities are focused specifically on targeted pulsed electromagnetic field, or tPEMF(tm), technology, which, by creating a therapeutic electrical current in injured soft tissue, modulates biochemical and physiological healing processes to help repair the injured tissue and reduce related pain and inflammation. The Company's Electroceuticals(r) have historically been used in non-invasive treatments for a wide array of conditions, including chronic wounds, pain and edema following plastic and reconstructive surgery and chronic inflammatory disorders. The Company's most recent clinical studies have shown reductions in anginal pain and increases in blood flow to the heart in certain cardiac patients. Additional studies will be focused in this area. The Company also expects to seek strategic partners to pursue other markets, such as osteoarthritis, neurology and other inflammatory-related conditions.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including those related to our ability to regain compliance with the Nasdaq Marketplace Rules, current and future studies, regulatory clearance and approvals, strategic partnerships and future sales. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the Company's limited operating history, history of significant and continued operating losses and substantial accumulated earnings deficit, difficulties with its financial accounting controls, the failure of the market for the Company's products to continue to develop, the inability for customers to receive third party reimbursement, the inability to obtain additional capital, the inability to protect the Company's intellectual property, the loss of any executive officers or key personnel or consultants, competition, changes in the regulatory landscape or the imposition of regulations that affect the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-KSB for the fiscal year ended March 31, 2008. The Company assumes no obligation to update the information contained in this press release.