AMEX Accepts Manhattan Pharmaceuticals' Plan to Regain Compliance With Continued Listing Standards
March 27 2007 - 9:29AM
PR Newswire (US)
NEW YORK, March 27 /PRNewswire-FirstCall/ -- 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 March 23, 2007,
AMEX 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 plan makes a reasonable demonstration
of the Company's ability to regain compliance with the continued
listing standards by the end of the plan period. Therefore, AMEX is
continuing the Company's listing pursuant to an extension. The
targeted completion date to regain compliance with the continued
listing standards is April 16, 2008. The Company will be subject to
periodic review by AMEX during the 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., a
development-stage pharmaceutical company, acquires and develops
proprietary prescription drugs for large, underserved patient
populations. In view of the worldwide obesity epidemic, the company
is developing OE, an orally administered novel therapeutic for the
treatment of both common obesity and morbid obesity. To meet the
needs of other major, underserved medical markets Manhattan
Pharmaceuticals is also developing PTH (1-34), a peptide believed
to be a regulator of epidermal cell growth, for the treatment of
psoriasis, and Propofol Lingual Spray, a convenient, proprietary
lingual spray formulation of propofol, the world's best-selling
general anesthetic, as a sedative-hypnotic for use during
diagnostic and therapeutic procedures.
(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 Pharmaceutical'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," and
similar words or phrases. These statements are based on current
expectations, forecasts and assumptions that 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 will be able to regain
compliance with AMEX's continued listing standards. Other risks
that may affect forward-looking information contained in this press
release include the possibility of being unable to obtain
regulatory approval of Manhattan's product candidates, the risk
that the results of clinical trials may not support Manhattan's
claims, Manhattan's reliance on third-party researchers to develop
its product candidates, and its lack of experience in developing
and commercializing pharmaceutical products. 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, 2005. Manhattan assumes no obligation to update
these statements, except as required by law. Contact: Michael G.
McGuinness Chief Financial Officer Manhattan Pharmaceuticals, Inc.
212/582-3950 Thomas Redington Redington, Inc. 203/222-7399
212/926-1733 DATASOURCE: Manhattan Pharmaceuticals, Inc. CONTACT:
Michael G. McGuinness, Chief Financial Officer of Manhattan
Pharmaceuticals, Inc., +1-212-582-3950; or Thomas Redington of
Redington, Inc., +1-203-222-7399 or +1-212-926-1733, for Manhattan
Pharmaceuticals, Inc. Web site: http://www.manhattanpharma.com/
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