ADVENTRX Intends Voluntary Withdrawal From NYSE Amex Upon Approval of NASDAQ Listing
15 September 2009 - 6:05AM
PR Newswire (US)
SAN DIEGO, Sept. 14 /PRNewswire-FirstCall/ -- 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. "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. 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 http://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. DATASOURCE: ADVENTRX Pharmaceuticals,
Inc. CONTACT: Brian Culley, Principal Executive Officer of ADVENTRX
Pharmaceuticals, +1-858-552-0866; or investors, Don Markley of
Lippert/Heilshorn & Associates, Inc., +1-310-691-7100, , for
ADVENTRX Pharmaceuticals, Inc. Web Site: http://www.adventrx.com/
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