Aphton Announces Receipt of NASDAQ Notice of Non-Compliance; Aphton Presented Compliance Plan to NASDAQ and Awaits Decision
03 Gennaio 2006 - 11:23PM
Business Wire
Aphton Corporation (NASDAQ:APHT) announced today that on December
27, 2005 the Company received notice from NASDAQ Stock Market
informing the Company that it failed to regain compliance by
December 20, 2005 with Marketplace Rule 4310(c)(4) requiring the
Company to evidence a minimum closing bid price of $1.00 per share
for at least 10 consecutive trading days. The notice from NASDAQ
follows the Company's announcement on December 5, 2005 that the
Company is not in compliance with Marketplace Rule 4310(c)(2)(B),
which requires the Company to have a minimum of $2,500,000 in
stockholders' equity or $35,000,000 market value of listed
securities or $500,000 of net income from continuing operations for
the most recently completed fiscal year or two of the three most
recently completed fiscal years and was therefore subject to
delisting. The Company appealed NASDAQ's prior decision to delist
the Company's common stock because of that deficiency to a NASDAQ
Listing Qualifications Panel (the "Panel") and a hearing was
granted. At the hearing for the appeal, the Company presented its
plan to regain compliance with Marketplace Rule 4310(c)(2)(B). In
the December 27, 2005 letter, NASDAQ informed the Company that, in
addition to considering the Company's plan to regain compliance
with Marketplace Rule 4310(c)(2)(B), the Panel will consider the
Company's plan to remedy the failure to comply with NASDAQ's
minimum bid price requirement in rendering its decision with regard
to the Company's continued listing. The Company addressed both
deficiencies at the hearing for the appeal and requested an
exception to evidence compliance with the NASDAQ listing criteria.
The Company advised the Panel that it intended to address the bid
price deficiency through the adoption of a reverse stock split. The
proxy statement requesting stockholder approval of the reverse
stock split was mailed to stockholders on December 16, 2005 and the
special meeting of stockholders is scheduled to be held on January
9, 2006. However, there can be no assurance that the Panel will
grant the Company's request for continued listing. About Aphton
Aphton Corporation, headquartered in Philadelphia, Pennsylvania, is
a clinical stage biopharmaceutical company focused on developing
targeted immunotherapies for cancer. Aphton's products seek to
empower the body's own immune system to fight disease. Through the
acquisition of Igeneon AG in March 2005, Aphton acquired late-stage
products, IGN101, a cancer vaccine designed to induce an immune
response against EpCAM-positive tumor cells, and IGN311, a fully
humanized antibody against the Lewis Y antigen. Aphton has
strategic alliances with Xoma for treating gastrointestinal and
other gastrin-sensitive cancers using anti-gastrin monoclonal and
other antibodies; Daiichi Pure Chemicals for the development,
manufacturing and commercialization of gastrin-related diagnostic
kits; and Celltrion Inc. for the development, manufacturing and
commercialization of IGN311. Aphton's most advanced product,
Insegia(TM), targets the hormone gastrin 17 in an attempt to treat
gastrointestinal cancers. Aphton is currently seeking partners that
will support the further development of Insegia. For more
information about Aphton or its programs please visit Aphton's
website at http://www.aphton.com Safe Harbor This press release
includes forward-looking statements, including statements about:
(1) Aphton's intention to regain compliance with the Marketplace
Rules; (2) Aphton's belief in gastrin as a viable target in
treating cancer; (3) Aphton's expectation regarding the purpose and
effectiveness of fully-humanized monoclonal antibodies, IGN101 and
IGN311, and its cancer immunotherapy, Insegia; and (4) Aphton's
desire to find partners that will support the development of
Insegia. These forward-looking statements may be affected by the
risks and uncertainties inherent in the drug development process
and in Aphton's business. This information is qualified in its
entirety by cautionary statements and risk factor disclosure
contained in Aphton's Securities and Exchange Commission filings,
including Aphton's report on Form 10-K filed with the Commission on
March 16, 2005. Aphton wishes to caution readers that certain
important factors may have affected, and could in the future
affect, Aphton's beliefs and expectations and could cause the
actual results to differ materially from those expressed in any
forward-looking statement made by or on behalf of Aphton. These
risk factors include, but are not limited to: (1) the willingness
of the Nasdaq Listing Qualifications Panel to grant Aphton an
exception to evidence compliance with the NASDAQ listing criteria;
(2) Aphton's ability to regain compliance with Nasdaq's Marketplace
Rules within that exception, if granted; (3) Aphton's ability to
find a corporate partner who is capable of financially supporting
the further development of Insegia, IGN101 and IGN311; (4) Aphton's
ability to access sufficient capital to fund its operations; (5)
scientific developments regarding immunotherapy; and (6) the actual
design, results and timing of preclinical and clinical studies for
Aphton's products and product candidates.
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