Psychemedics Corporation Confirms Switch from AMEX to NASDAQ
Psychemedics Corporation announced yesterday that the decision to move the company’s common stock listing from the American Stock Exchange (AMEX) to NASDAQ has been approved by its board of directors. The company will cease trading on AMEX at close of trade on 22 September 2008 and commence trading on NASDAQ on 23 September. Psychemedics’ current trading symbol of “PMD” will remain unchanged.
Raymond C. Kubacki, chairman and chief executive officer of Psychemedics Corporation, has been reported as stating that the decision for the switch from AMEX to NASDAQ came about as a result of “careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors”. He also expressed his confidence that NASDAQ would provide Psychemedics with “enhanced exposure and liquidity, while at the same time providing investors with the best prices, the fastest execution and the lowest cost per trade.”
Psychemedics Corporation uses advanced internationally patented technology to analyze humans for evidence of drug abuse. The cost effective and efficient testing process provides an accurate personal drug history going back several months. In a comparative evaluation the Psychemedics hair test accurately identified five to ten times more drug abusers than detected by urine analysis. Hair testing, which analyzes the hair shaft, has the advantage of being resistant to tampering through the adulterating of samples or by abstaining from drug use for a few days prior to a test. Using state-of-art technology a measurement is taken of the drug molecules and metabolites which are permanently entrapped in hair.
Research has revealed that up to 74 percent of drug abusers are employed. A survey conducted among drug abusers showed that 44 percent of those interviewed admitted to selling drugs to co-workers, while 18 percent admitted that they steal from their employers. Furthermore a U.S. Government study revealed that drug abusers on average: cost an employer between $7,000 and $10,000 per employee on an annual basis; cost companies up to 300 percent more in benefits and medical costs; are absent up to sixteen times more often; and are approximately one third less productive than other employees. Recognizing that drug abuse is an ever increasing problem, more than ten percent of the Fortune 500 companies make use of Psychemedics services. Psychemedics’ client list includes thousands of corporations, six Federal Reserve Banks and some of America’s largest police departments. In addition to employers making use of this method to perform random drug tests on employees, it is used in schools to encourage students to remain drug-free and courts use the test in their parole, probation and diversionary programs.