Aksys securities face delisting, contract manufacturing agreement terminated

By Lisa Kerner

Charlotte, N.C., July 11 - Aksys, Ltd. was notified by Nasdaq that it has not regained compliance in accordance with Marketplace Rule 4310(c)(8)(C), which requires a minimum value of $35 million of listed securities for 10 consecutive days.

As a result, the company's securities will be delisted from the Nasdaq Capital Market. However, Aksys said it will request a hearing in accordance with Marketplace Rule 4800 Series, staying the delisting until the hearing process is completed.

In addition, Delphi Medical Systems Colorado Corp. has terminated the contract manufacturing agreement between the two companies due to nonpayment.

The agreement covers the manufacture of Aksys' Personal Hemodialysis System, as well as the sale of spare parts related to the system.

Aksys said it should have a sufficient inventory of new machines and spare parts to continue operations for several months without additional shipments from Delphi.

A lawsuit against Delphi's claims is possible, according to the company.

Located in Lincolnshire, Ill., Aksys produces hemodialysis products.

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