AMEX Accepts Manhattan Pharmaceuticals' Plan to Regain Compliance with Continued Listing Standards

  
    
  
  
    
      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 December 3, 2007, AMEX notified the Company that as of September 30, 
      2007 it was not in compliance with section 1003(a)(i) of the AMEX 
      Company Guide with stockholders’ equity of 
      less than $2,000,000 and losses from continuing operations and/or net 
      losses in two out of its three most recent fiscal years. In the same 
      letter, AMEX also 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 Company made a reasonable 
      demonstration of its ability to regain compliance with the continued 
      listing standards by the end of the plan period, which remains April 16, 
      2008. Therefore, AMEX is continuing the Company's listing pursuant to an 
      extension, subject to certain conditions. The targeted completion date 
      to regain compliance with the continued listing standards remains April 
      16, 2008. The Company will be subject to periodic review by AMEX during 
      this 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. is a pharmaceutical company that 
      acquires and develops novel, high-value drug candidates primarily for 
      the treatment of dermatologic and immune disorders. With a pipeline 
      consisting of four clinical stage product candidates, Manhattan 
      Pharmaceuticals is developing potential therapeutics for large, 
      underserved patient populations seeking superior treatments for 
      conditions including psoriasis, atopic dermatitis (eczema), head lice, 
      and mastocytosis. (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 
      Pharmaceuticals, Inc.’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," "will," and 
      similar words or phrases. These statements are based on Manhattan 
      Pharmaceuticals, Inc.’s current expectations, 
      forecasts and assumptions, which 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 Pharmaceuticals, Inc. will be able to effect a reverse stock 
      split or otherwise meet the conditions of the Company’s 
      plan to regain compliance with AMEX’s 
      continued listing standards in a timely manner, or at all. 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, 2006. Manhattan Pharmaceuticals, Inc. assumes no 
      obligation to update these statements, whether as a result of new 
      information, future events, or otherwise, except as required by law.