AMDL Responds to American Stock Exchange on Continued Listing Standards
May 25 2006 - 10:00AM
PR Newswire (US)
TUSTIN, Calif., May 25 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, today reported that It has
submitted to the American Stock Exchange (AMEX) a plan that brings
the Company into compliance with the AMEX Company Continued Listing
Standards. Highlights of an overview letter sent by Gary L. Dreher,
CEO, to the AMEX include: * The recently announced planned
acquisition of Jade Pharmaceutical Inc. and its two Chinese
subsidiaries will increase AMDL's net worth by an unaudited pro
forma basis as of December 31, 2005 of $6,186,582. AMEX had said
that AMDL did not meet the $4,000,000 stockholders' equity
requirement with an audited net worth in December 2005 of
$3,181,841. Additionally, in April AMDL completed a Regulation S
and Regulation D private offering generating net proceeds of
approximately $1.5 million. * The preliminary proxy statement
seeking shareholder approval of the acquisition is intended to be
filed with the U.S. Securities & Exchange Commission around
June 1, 2006. It is expected that the Jade acquisition will close
within one business day after a meeting of AMDL's shareholders. *
AMDL intends to submit new data to the U.S. Food & Drug
Administration for support of its application for clearance to
market DR-70(R) under certain conditions in the U.S. "In our
submission to AMEX, we believe we have made a reasonable
demonstration of AMDL's ability to come back into full compliance
with AMEX's Continued Listing Standards within 18 months from the
date of AMEX's initial notification to AMDL. Our plan is expected
to increase shareholder equity through the completion of
prospective acquisitions and detail our further efforts on gaining
U.S. regulatory clearance to market DR-70 in the United States.
AMDL's plan will meet or exceed AMEX's elevated standards for
continued listing. During the period of implementation of the plan,
AMDL will continue to be listed on the AMEX." Mr. Dreher said.
About AMDL AMDL, Inc. (AMEX:ADL), headquartered in Tustin,
California, is a theranostics company, involved in the detection
and treatment of the same disease, cancer. AMDL is the inventor,
developer and worldwide marketer through exclusive distribution
agreements of the DR-70(R) non-invasive cancer blood test, which
has demonstrated its ability to detect the presence in humans of up
to 13 cancers 84 percent of the time overall. In a study published
in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R)
was shown to detect at least 13 different types of cancer (lung,
breast, stomach, liver, colon, rectal, ovarian, esophageal,
cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic)
although the sample size for 9 of the cancers was not statistically
significant. Clinical trials of DR-70(R) have been conducted in
Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many
kinds of cancer using a single tube of blood, eliminating the need
for costly, multiple tests. AMDL also owns a combination immunogene
therapy technology that is a possible treatment for those already
diagnosed with cancer and could eventually be used as a vaccine to
protect patients known to be at risk because of a family history
for certain types of cancer. The combination therapy both builds
the body's immune system and destroys cancer cells. More
information about AMDL and its additional products can be obtained
at http://www.amdl.com/. Forward-Looking Statements Statements in
this press release may constitute forward-looking statements and
are subject to numerous risks and uncertainties, including the
failure to complete successfully the development of new or enhanced
products, the Company's future capital needs, the lack of market
demand for any new or enhanced products the Company may develop,
any actions by the Company's partners that may be adverse to the
Company, the success of competitive products, other economic
factors affecting the Company and its markets, and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release. Contact: AMDL, Inc. Gary L. Dreher President & CEO
(714) 505-4460 DATASOURCE: AMDL, Inc. CONTACT: Gary L. Dreher,
President & CEO of AMDL, Inc., +1-714-505-4460 Web site:
http://www.amdl.com/
Copyright
Amdl (AMEX:ADL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Amdl (AMEX:ADL)
Historical Stock Chart
From Jul 2023 to Jul 2024