Vaso Active to Delist

Vaso Active Pharmaceuticals(VAPH Quote) on Thursday will pull its shares from the Nasdaq Stock Market indefinitely after learning that it is being investigated by the Food and Drug Administration and NASD.

The move, which comes a week after trading in the once highflying stock was suspended by the Securities and Exchange Commission, reflects the "substantial administrative and cash burdens" the company faces after hearing the concerns raised by the FDA and NASD over the past week. The SEC suspension had been scheduled to end April 15.

The SEC trading suspension followed a series of articles on this Web site noting inconsistencies in Vaso's clinical claims and troubling aspects of its pedigree.

In a meeting Monday, Vaso said, the FDA raised a number of concerns about its disclosures and said it was authorized by the SEC to seek injunctive relief against the company.

"During that meeting, the company stated its intention to review its public disclosure, press releases and other public statements and to take whatever remedial action may be appropriate," Vaso said in a release. "It also represented that it would diligently seek to clarify the status of its products under current FDA regulations, would issue disclosure regarding the FDA regulation of its activities and products and the results of its dialogue with the FDA, and would endeavor to resolve on a timely basis any concerns communicated by the staff."

Among other things, Vaso agreed to stop selling its products, which currently comprise an athlete's foot treatment called Termin8, until the FDA concerns are resolved.

Vaso also said it received a letter from the Listing Investigations arm of Nasdaq saying the department has opened an inquiry to "ensure the company's ongoing compliance with the Nasdaq's inclusion requirements." Vaso noted the department warned it could take "any action that may be appropriate," including removal of the securities.