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MRI-maker Fonar saves its Nasdaq listing

Raymond Damadian with the prototype stand-up magnetic resonance

Raymond Damadian with the prototype stand-up magnetic resonance machine invented at the Fonar Corp. in Melville. (Oct. 9, 2003) Credit: Richard Slattery, 2003

Fonar Corp., the Melville-based magnetic resonance imaging pioneer, just got good news from the Nasdaq -- it has raised enough new capital to meet all requirements for continued public listing of its shares.

Fonar markets a stand-up MRI that eliminates the need for patients to lie down in a tight, enclosed space but instead allows them to sit or stand in the open during the imaging process.

The stock exchange's listing panel tells Fonar that "the company has met the requirements of the panel's decision dated March 17, 2011 and the applicable requirements for listing on The NASDAQ Stock Market. Furthermore the notification indicated it was closing the matter," Fonar says in a Tuesday news release.

The company had been told in October that it was out of compliance with the Nasdaq's minimum $2.5 million stockholders' equity requirement, and was therefore subject to delisting from the exchange's Capital Market.

"On May 10, 2011, the company filed its 10-Q for the quarter ended March 31, 2011, and issued a press release stating that it had succeeded in raising $6 million by May 2, 2011," Fonar said.

This amount "was more than sufficient to eliminate the stockholders' deficiency of $781,000 as of March 31, 2011 and achieve compliance with the stockholders' equity requirement of $2.5 million," Fonar said. 

Photo shows Dr. Raymond Damadian, the Fonar founder, with his prototype MRI.

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