Aphton Announces Receipt of Delist Determination From NASDAQ Panel; Aphton Requests Reconsideration
January 30 2006 - 4:39PM
Business Wire
Aphton Corporation (NASDAQ:APHT) announced today that on January
27, 2006, the Company received notice from The NASDAQ Stock Market
informing the Company that the NASDAQ Listing Qualifications Panel
had determined to delist the Company's securities from The NASDAQ
Stock Market, effective with the open of business on January 31,
2006, based upon the Company's failure to comply with NASDAQ
Marketplace Rule 4310(c)(ii)(B), which requires the Company to
maintain a market value of listed securities of at least
$35,000,000 or, in the alternative, shareholders' equity of at
least $2,500,000 and the Company's failure to evidence a minimum
bid price of $1.00 per share, as required by NASDAQ Marketplace
Rule 4310(c)(4). The notice from NASDAQ follows the Company's
announcement on November 29, 2005, that the Company would request a
hearing before the NASDAQ Listing Qualifications Panel to review
the NASDAQ Listing Qualifications Staff Determination to delist the
Company's securities and to seek continued listing on The NASDAQ
Capital Market. The hearing was held on December 22, 2005. Today,
the Company filed a formal request with the NASDAQ Listing
Qualifications Panel for reconsideration of the determination to
delist the Company's securities. The request is based upon certain
mistakes of material fact contained in the Panel decision and was
filed in accordance with NASDAQ Marketplace Rule 4808(a). The
request for reconsideration will not stay the delisting action
referenced in the Panel's January 27, 2006, letter. As such, the
Company's securities will be delisted from The NASDAQ Stock Market
effective with the open of business on Tuesday, January 31, 2006.
The Panel has indicated that it will rule on the request for
reconsideration on or before February 14, 2006. There can be no
assurance that the Panel will grant the Company's request for
re-listing on The NASDAQ Stock Market. The Company expects its
shares to immediately begin trading in the "pink sheets" under the
ticker symbol APHT effective with the open of business on January
31, 2006. The Company's common stock may, in the future, also be
quoted on the Over-the-Counter Bulletin Board ("OTCBB") maintained
by the NASD, provided that a market maker in the common stock files
the appropriate application with, and such application is cleared
by, the NASD. The Company anticipates disclosing further trading
venue information for its common stock once such information
becomes available. 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 . About Pink Sheets LLC Pink
Sheets provides broker-dealers, issuers and investors with
electronic and print products and information services designed to
improve the transparency of the Over-the-Counter (OTC) markets. The
products are designed to increase the efficiency of OTC markets,
leading to greater liquidity and investor interest in OTC
securities. Pink Sheets centralized information network is a source
of competitive market maker quotations, historical prices and
corporate information about OTC issues and issuers. Pink Sheets is
neither an SEC-Registered Stock Exchange nor a NASD Broker/Dealer.
Investors must contact a NASD Broker/Dealer to trade in a security
quoted on the Pink Sheets. Pink Sheets LLC is a privately owned
company headquartered in New York City. More information is
available at http://www.pinksheets.com About OTC Bulletin Board The
OTC Bulletin Board (OTCBB) is a regulated quotation service that
displays real-time quotes, last-sale prices, and volume information
in OTC equity securities. An OTC equity security generally is any
equity that is not listed or traded on NASDAQ or a national
securities exchange. OTCBB securities include national, regional,
and foreign equity issues, warrants, units, ADRs, and Direct
Participation Programs (DPPs). More information is available at
http://www.otcbb.com. Safe Harbor This press release includes
forward-looking statements, including statements about: (1)
Aphton's intention to regain and sustain compliance with Nasdaq's
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 and Igeneon'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 Panel's
willingness to stay the delisting of Aphton's stock pending its
review of Aphton's request for reconsideration; (2) Aphton's
ability to regain and sustain compliance with Nasdaq's Marketplace
Rules; (3) Aphton's ability to find a corporate partner who is
capable of financially supporting the further development of
Insegia; (4) Aphton's ability to fund the further development of
its research and development program; (5) scientific developments
regarding immunotherapy; and (6) the actual design, results and
timing of preclinical and clinical studies for both companies'
products and product candidates.
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