Industry news: Fonar, TomoTherapy

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FONAR Corporation recently was notified that the company continues to fail to comply with Nasdaq’s minimum bid price requirement for continued listing, and that its securities are facing delisting from the Nasdaq Capital Market. Fonar has requested a hearing before a Nasdaq Listing Qualifications Panel to review the notice. It is hoped that the meeting will take place in February. In December 2005 Fonar was first warned by Nasdaq that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive business days, and as a result did not comply with the rules for listing. The company was given a period to meet compliance. By last summer the company had gained and was back in compliance with the rules, with the exception of the bid price. Hence another extension followed. However, now Fonar’s listing status hangs on the opinion of the Nasdaq panel.

TomoTherapy announced that it has begun selling its targeted radiation treatment system for cancer patients in India and surrounding countries. TomoTherapy said it is teaming up with Kirloskar Theratronics Ltd. to distribute its Hi-Art system. KTPL provides radiotherapy equipment and solutions to India, serving about 250 radiotherapy installations across the country. The first Hi-Art system in India will be installed at Tata Memorial Centre.