ADVENTRX Announces Acceptance of Compliance Plan by NYSE AMEX
August 03 2009 - 4:10PM
Business Wire
ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today
that it was notified by staff of the NYSE Amex that its compliance
plan has been accepted.
On June 1, 2009, ADVENTRX was notified by the NYSE Amex staff
that it was not in compliance with the NYSE Amex’s continued
listing standards as set forth in Part 10 of the NYSE Amex’s
Company Guide. In order to maintain its listing, the NYSE Amex
required ADVENTRX to submit a plan (the “Plan”) by July 1, 2009
addressing how it intends to regain compliance by December 1, 2010,
which the Company submitted timely.
On July 31, 2009, the NYSE Amex staff notified ADVENTRX that it
has determined that the Plan makes a reasonable demonstration of
ADVENTRX’s ability to regain compliance with the NYSE Amex’s
continued listing standards and has determined to grant an
extension until December 1, 2010 (the “Extension Period”) for
ADVENTRX to regain compliance with the NYSE Amex’s continued
listing standards.
During the Extension Period, ADVENTRX will be subject to
periodic review to determine whether it is making progress
consistent with the Plan. If ADVENTRX does not show progress
consistent with the Plan, the NYSE Amex staff will review the
circumstances and may immediately commence delisting
proceedings.
On June 1, 2009, the NYSE Amex staff indicated that the Company
is not in compliance with Section 1003(a)(ii) of the NYSE Amex
Company Guide with stockholders’ equity of less than $4,000,000 and
losses from continuing operations and net losses in three of its
four most recent fiscal years and Section 1003(a)(iii) of the NYSE
Amex Company Guide with stockholders’ equity of less than
$6,000,000 and losses from continuing operations and net losses in
its five most recent fiscal years.
This press release is issued pursuant to Section 1009 of the
NYSE Amex Company Guide.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company whose
product candidates are designed to improve the safety of existing
cancer treatments. More information can be found on the Company’s
web site at www.adventrx.com.
Forward Looking Statements
ADVENTRX cautions you that statements included in this press
release that are not a description of historical facts are
forward-looking statements that involve risks and assumptions that,
if they materialize or do not prove to be accurate, could cause
ADVENTRX’s results to differ materially from historical results or
those expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to: the
risk that ADVENTRX will not make progress consistent with the Plan
and that the NYSE Amex staff will commence delisting proceedings;
the risk that ADVENTRX will be unable to raise sufficient
additional capital on a timely basis to continue as a going
concern, including as a result of negative perceptions of the data
from ADVENTRX’s bioequivalence study of ANX-514; the risk that
ADVENTRX will seek protection under the provisions of the U.S.
Bankruptcy Code; the risk that ADVENTRX will trigger a “maintenance
failure” under that certain Rights Agreement, dated July 27, 2005,
as amended, and be required to pay liquidated damages, including as
a result of losing its eligibility to use Form S-3 if its common
stock is delisted from the NYSE Amex or ADVENTRX is not timely in
its filings with the Securities and Exchange Commission; and other
risks and uncertainties more fully described in ADVENTRX’s press
releases and periodic filings with the Securities and Exchange
Commission. ADVENTRX’s public filings with the Securities and
Exchange Commission are available at http://www.sec.gov.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date when
made. ADVENTRX does not intend to revise or update any
forward-looking statement set forth in this press release to
reflect events or circumstances arising after the date on which it
was made.
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