Aphton (NASDAQ:APHT)
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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.