Monday, August 11, 2008

LeMaitre Vascular found non-compliant with Nasdaq

By Mass High Tech Staff

Burlington medical devices firm LeMaitre Vascular Inc. reports that it received a notice on August 6 stating that the company is out of compliance with the Nasdaq Stock Market.

Former LeMaitre independent director David N. Gill voluntarily resigned from the company in July, leaving the company non-compliant with the Nasdaq ruling requiring at least three members of the audit committee be independent directors.

LeMaitre (Nasdaq: LAMAT) has until its next annual shareholders’ meeting or until July 24, 2009, whichever date is earlier, to elect a new independent director and regain compliance, which the company said it intends to meet.

The developer, manufacturer and seller of peripheral vascular devices and implants announced in December its acquisition of Italian vascular graft maker Biomateriali Srl for $2.6 million in cash.

In September, it bought Tennessee-based The Wallace Enterprises Inc., a maker of surgical and endovascular tools used in the treatment of blocked arteries in the limbs, for $2.8 million.

The company priced its initial public offering of 5.5 million shares of its common stock for $7 per share, looking to raise about $38.5 million, in October 2006.

LeMaitre Vascular reported a net loss of $2.9 million on total revenue of $41.5 million in 2007.