Aphton (NASDAQ:APHT)
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Aphton Corporation (NASDAQ: APHT) announced today that
on October 26, 2005, the Company received notice from The Nasdaq Stock
Market informing the Company that it does not comply with Marketplace
Rule 4310(c)(B)(ii), which requires the Company to maintain a market
value of listed securities of $35,000,000. In accordance with
Marketplace Rule 4310(c)(8)(C), the Company has 30 calendar days, or
until November 25, 2005, to regain compliance with the Rule. In the
event the Company does not regain compliance by November 25, 2005, the
Company shall have the right to appeal a staff determination to delist
the Company's securities and the Company's securities will remain
listed until completion of the appeal process.
The Company continues to explore a number of strategic and other
financing alternatives, including licensing or selling a significant
portion or all of its intellectual property and/or other assets, the
sale or exchange of a significant portion or all of its equity,
restructuring or refinancing some or all of its debt, and/or pursuing
other financing alternatives which the Company believes may allow it
to regain compliance with Nasdaq's Marketplace Rules.
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 sanofi-aventis for the
development and commercialization of Insegia (G17DT immunogen) related
to cancers of the gastrointestinal system and other cancers in North
America and Europe. Aphton is also currently seeking other partners
that will support the further development of Insegia. For more
information about Aphton or its programs please visit Aphton's website
at www.aphton.com.
Safe Harbor
This press release includes forward-looking statements, including
statements about: (1) Aphton's intention to explore a number of
strategic and other financing alternatives, including licensing or
selling a significant portion or all of its intellectual property
and/or other assets, the sale or exchange of a significant portion or
all of its equity, restructuring or refinancing some or all of its
debt, and/or pursuing other financing alternatives which the Company
believes may allow it to regain compliance with Nasdaq's Marketplace
Rules; (2) Aphton's intention to regain compliance with the
Marketplace Rules; and (3) Aphton's desire to find other 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) Aphton's ability to
consummate any of the strategic or financing alternatives it is
currently exploring; (2) Aphton's ability to regain compliance with
Nasdaq's Marketplace Rules; and (3) Aphton's ability to identify a
partner willing to fund the continued development of Insegia.