AMEX Accepts Manhattan Pharmaceuticals' Plan to Regain Compliance with Continued Listing Standards
10 Dicembre 2007 - 1:07PM
Business Wire
Manhattan Pharmaceuticals, Inc. (AMEX: MHA) today announced that
the American Stock Exchange (AMEX) has accepted the Company's plan
to regain compliance with continued listing standards of AMEX. The
Company�s plan was submitted in response to a letter from AMEX
which informed the Company that it was not in compliance with
Section 1003(a)(ii) of the AMEX Company Guide with stockholders�
equity of less than $4,000,000 and losses from continuing
operations and/or net losses in three out of its four most recent
fiscal years, and Section 1003(a)(iii) of the AMEX Company Guide
with stockholders� equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent
fiscal years. On December 3, 2007, AMEX notified the Company that
as of September 30, 2007 it was not in compliance with section
1003(a)(i) of the AMEX Company Guide with stockholders� equity of
less than $2,000,000 and losses from continuing operations and/or
net losses in two out of its three most recent fiscal years. In the
same letter, AMEX also notified the Company that it has completed
its review of the Company's proposed plan of compliance and
supporting documentation and has determined that the Company made a
reasonable demonstration of its ability to regain compliance with
the continued listing standards by the end of the plan period,
which remains April 16, 2008. Therefore, AMEX is continuing the
Company's listing pursuant to an extension, subject to certain
conditions. The targeted completion date to regain compliance with
the continued listing standards remains April 16, 2008. The Company
will be subject to periodic review by AMEX during this plan period.
Failure to make progress consistent with the Plan or to regain
compliance with the continued listing standards by the end of the
plan period could result in the Company being delisted from AMEX.
About Manhattan Pharmaceuticals, Inc. Manhattan Pharmaceuticals,
Inc. is a pharmaceutical company that acquires and develops novel,
high-value drug candidates primarily for the treatment of
dermatologic and immune disorders. With a pipeline consisting of
four clinical stage product candidates, Manhattan Pharmaceuticals
is developing potential therapeutics for large, underserved patient
populations seeking superior treatments for conditions including
psoriasis, atopic dermatitis (eczema), head lice, and mastocytosis.
(http://www.manhattanpharma.com) Note Regarding Forward-Looking
Statements This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks and uncertainties that could
cause Manhattan Pharmaceuticals, Inc.�s actual results to differ
materially from the anticipated results and expectations expressed
in these forward-looking statements. These statements are often,
but not always, made through the use of words or phrases such as
"anticipates," "expects," "plans," "believes," "intends," "will,"
and similar words or phrases. These statements are based on
Manhattan Pharmaceuticals, Inc.�s current expectations, forecasts
and assumptions, which are subject to risks and uncertainties,
which could cause actual outcomes and results to differ materially
from these statements. Among other things, there can be no
assurances that Manhattan Pharmaceuticals, Inc. will be able to
effect a reverse stock split or otherwise meet the conditions of
the Company�s plan to regain compliance with AMEX�s continued
listing standards in a timely manner, or at all. Additional risks
are described in the company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-KSB for
the year ended December 31, 2006. Manhattan Pharmaceuticals, Inc.
assumes no obligation to update these statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
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