Oct 15 2010
PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that based on information provided by PharmAthene in its compliance plan, and discussions with Exchange staff, the NYSE Amex LLC (NYSE Amex) has determined that the Company made a reasonable demonstration of its ability to regain compliance with the NYSE Amex listing requirements and granted PharmAthene an extension until January 26, 2012 to demonstrate its compliance.
Eric I. Richman, PharmAthene's interim Chief Executive Officer, noted, "We are extremely pleased by this decision and optimistic in our ability to satisfy the continued listing standards of the NYSE Amex by the end of the extension period. PharmAthene will be able to continue its listing during this time, subject to periodic reporting regarding progress under the compliance plan and review by the NYSE Amex staff."
On July 26, 2010 the Company had received a letter from the NYSE Amex, stating that it is not in compliance with the continued listing standards specified in Sections 1003(a)(i), (ii) and (iii) of the NYSE Amex Company Guide, because it had stockholders' equity of less than $2.0 million, $4.0 million and $6.0 million and losses from continuing operations and/or net losses in two of its three most recent fiscal years, three of its four most recent fiscal years and its five most recent fiscal years, respectively. PharmAthene submitted a compliance plan on August 25, 2010, addressing how it intends to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide by January 26, 2012.
SOURCE PharmAthene, Inc.