Oragenics, Inc. (ONI BioPharma Inc.) Receives Notification Letter From American Stock Exchange
16 Maio 2008 - 4:00PM
Marketwired
ALACHUA, FL (AMEX: ONI) today reported it had received notice
from the American Stock Exchange ("AMEX") advising the Company that
it does not meet certain of the listing standards as set forth in
part 10 of the AMEX Company Guide.
The biopharmaceutical development company has previously
disclosed in its Securities and Exchange Commission filings that it
has been out of compliance with certain AMEX listing requirements.
In a letter to the Company, AMEX stated that the Company was not in
compliance with Section 1003(a)(ii) of the AMEX Company Guide
because the Company had stockholders' equity of less than
$4,000,000, losses from continuing operations and net losses in
three of its four most recent fiscal years. AMEX also noted that
the Company had received an unqualified audit report for the year
ended December 31, 2007 that contained an explanatory paragraph as
to the Company's ability to continue as a going concern. As a
listed biopharmaceutical development company, its revenues are
limited until its products are commercialized, a time-consuming
process that requires extensive research and development
expenditures as well as selected clinical trials that are mandated
by various regulatory requirements both in the U.S. and
globally.
In various previous SEC filings, the Company disclosed and
continues to make disclosures that it has submitted a plan of
compliance, dated May 24, 2007, to AMEX with respect to its
noncompliance with Section 1003(a)(i) of the AMEX Company Guide and
such Plan was subsequently approved by AMEX. AMEX granted an
extension to the Company until October 27, 2008 to regain
compliance with Section 1003(a)(i). The Company intends to submit a
supplement to this plan to AMEX within the 30 days permitted by
AMEX that will outline Oragenics' strategy to bring itself into
compliance with Sections 1003(a)(i) and (ii) by the October 27,
2008 deadline. If the Company's plan to regain compliance is
accepted by the AMEX, it is anticipated that the Company will be
able to continue its listing for the remainder of the extension
period, during which time it will be subject to periodic review to
determine progress consistent with the plan.
"Management is taking all reasonable steps as expeditiously as
possible to commercialize our products. Furthermore, we are
vigorously pursuing financing arrangements to bolster the financial
strength of our Company, so that can gain full compliance with AMEX
regulations," said Rick Welch, Chairman of Oragenics. Mr. Welch
continued, "With the recent appointment of our four new directors
who bring a very significant depth of biotechnology, pharmaceutical
and clinical experience to our Company, we are confident that we
will be able to increase the visibility of our deep pipeline of
potential products, in order to accelerate the commercialization of
our products, each of which is targeted to very large market
opportunities. We believe that all of our potential products are
based on remarkable and extraordinary science."
With the Company's recent appointment of Stanley B. Stein as
President and CEO, Oragenics intends to leverage his extensive
healthcare background, which includes work in biotechnology,
pharmaceuticals and healthcare services. Mr. Stein's investment
banking experience spans over 25 years. He is guiding the Company
to take advantage of various strategic, financial and business
opportunities now available to it with the goals of sustaining
anticipated operations and maximizing shareholder value. Additional
information regarding Oragenics' operations, growth plan, and
liquidity and capital resources is set forth in the Company's
annual report on Form 10-KSB which was filed on March 18, 2008 and
its Form 10-Q which was filed on May 7, 2008.
About Oragenics
Oragenics, Inc. (ONI BioPharma Inc.) is a biopharmaceutical
company with a pipeline of unique proprietary technologies. The
Company has a number of products in discovery, preclinical and
clinical development, with a concentration in the main therapeutic
area of infectious diseases. Our core pipeline includes products
and supporting platform technologies for use in the treatment and
diagnosis of human infections.
Safe Harbor Statement: Under the Private Securities Litigation
Reform Act of 1995: This release includes forward-looking
statements that reflect Oragenics, Inc.'s (ONI BioPharma Inc.)
current views with respect to future events and financial
performance. These forward-looking statements are based on
management's beliefs and assumptions and information currently
available. The words "believe," "expect," "anticipate," "intend,"
"estimate," "project" and similar expressions that do not relate
solely to historical matters identify forward-looking statements.
Investors should be cautious in relying on forward-looking
statements because they are subject to a variety of risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed in any such forward-looking
statements. These factors include, but are not limited to those set
forth in our most recently filed annual report on Form 10-KSB and
quarterly report on Form 10-Q, and other factors detailed from time
to time in filings with the Securities and Exchange Commission. We
expressly disclaim any responsibility to update forward-looking
statements.
Contact: Oragenics, Inc. Stanley B. Stein 386-418-4018 X222
www.oragenics.com
Oragenics (AMEX:ONI)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Oragenics (AMEX:ONI)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024