SAN DIEGO, Sept. 14 ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced its intention to voluntarily withdraw the listing of its common stock on the NYSE Amex. The Company has applied to list its common stock on The NASDAQ Capital Market under the symbol "ADVX." ADVENTRX's withdrawal from the NYSE Amex is conditioned on approval by The NASDAQ Capital Market. The final timing of the anticipated change has not yet been determined.
Advertisement
"The NYSE Amex and its staff have been very helpful to this Company over the years. However, we believe a NASDAQ listing will provide greater exposure of our common stock to investors, as it places us in the same marketplace as a preponderance of life science peer companies," said Brian M. Culley, Principal Executive Officer of ADVENTRX.
Advertisement
Concurrent with its move to The NASDAQ Capital Market, ADVENTRX will effect a reverse split of its outstanding common stock.
As previously announced by the Company, on June 1, 2009, ADVENTRX was notified by the NYSE Amex staff that it was not in compliance with Section 1003(a)(ii) of the NYSE Amex Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operations and net losses in three of its four most recent fiscal years and Section 1003(a)(iii) of the NYSE Amex Company Guide with stockholders' equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years. In order to maintain its listing, ADVENTRX submitted a plan to NYSE Amex addressing how it intended to regain compliance. On July 31, 2009, the NYSE Amex staff notified ADVENTRX of its determination that the plan made a reasonable demonstration of ADVENTRX's ability to regain compliance with the NYSE Amex's continued listing standards and granted ADVENTRX an extension until December 1, 2010 for ADVENTRX to regain compliance with these listing standards.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are designed to improve the safety of existing cancer treatments. More information can be found on the Company's web site at www.adventrx.com.
Forward Looking Statements
ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks and assumptions that, if they materialize or do not prove to be accurate, could cause ADVENTRX's results to differ materially from historical results or those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that ADVENTRX's application to list its common stock on The NASDAQ Capital Market will not be approved in a timely manner; the risk that, if ADVENTRX's application is not approved, ADVENTRX will not make progress consistent with the Plan and, as a result of such lack of progress or for other reasons, that the NYSE Amex staff will commence delisting proceedings; the risk that ADVENTRX will be unable to raise sufficient additional capital on a timely basis to continue as a going concern; the risk that ADVENTRX will seek protection under the provisions of the U.S. Bankruptcy Code; the risk that ADVENTRX will trigger a "maintenance failure" under that certain Rights Agreement, dated July 27, 2005, as amended, and be required to pay liquidated damages, including as a result of losing its eligibility to use Form S-3 if its common stock is delisted from the NYSE Amex or ADVENTRX is not timely in its filings with the Securities and Exchange Commission; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission. ADVENTRX's public filings with the Securities and Exchange Commission are available at http://www.sec.gov.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date when made. ADVENTRX does not intend to revise or update any forward-looking statement set forth in this press release to reflect events or circumstances arising after the date on which it was made.
SOURCE ADVENTRX Pharmaceuticals, Inc.
