Hemagen Receives Notification from Nasdaq That Its Securities Will Be Delisted from the Nasdaq Smallcap Market

Published: 27 Feb 2003
COLUMBIA, Md.--Feb. 27, 2003 --Hemagen Diagnostics, Inc. (NASDAQ:HMGN, HMGNW) a biotechnology company that develops, manufactures and markets proprietary medical diagnostic test kits, today reported that it received notification from the Panel that its securities will be delisted on the Nasdaq Smallcap Market effective with the open of business on Friday February 28th, 2003 since it failed to satisfy the $1.00 minimum bid price requirement.
The company went before the Nasdaq Listing Qualifications Panel on January 16, 2003 to present its plan to regain and sustain long-term compliance. The Company's securities will be immediately eligible for quotation on the OTC Bulletin Board effective with the open of business on February 28, 2003.
William P Hales, President and CEO said, "we are very disappointed in Nasdaq's opinion and decision in this matter. We believe that the company has made great strides toward improving the financial condition and operations of the company. We remain focused on continuing to improve and build the company. Moreover, we remain dedicated to our number one goal of increasing shareholder value and positioning the company for sustained profitability."
Hemagen Diagnostics, Inc., is a biotechnology Company that develops, manufactures and, markets more than 150 FDA-cleared proprietary medical diagnostic test kits used to aid in the diagnosis of certain autoimmune and infectious diseases. In the United States, the Company sells its products directly to physicians, veterinarians, clinical laboratories and blood banks and on a private-label basis through multinational distributors of medical supplies. Internationally, the Company sells its products primarily through distributors.

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