RegeneRx Biopharmaceuticals, Inc. ("the Company" or "RegeneRx") announced today that beginning with the opening of trading on December 23, 2010, the Company's common stock is expected to be quoted on the OTC Bulletin Board under the symbol RGRX following its suspension from the NYSE Amex as of that date.
“While we are disappointed that we were unable to maintain our NYSE Amex listing, we continue to focus on our dual missions of generating positive clinical data and seeking strategic partners to develop our product candidates”
As previously announced, on October 26, 2010 the Company received notice from the staff of the NYSE Amex that the Company had failed to regain compliance with continued listing standards and, accordingly, the Company's securities were subject to delisting proceedings. The Company appealed the determination and initially requested a hearing before a Listing Qualifications Panel. However, the Company withdrew the request on December 15, 2010.
"While we are disappointed that we were unable to maintain our NYSE Amex listing, we continue to focus on our dual missions of generating positive clinical data and seeking strategic partners to develop our product candidates," stated J.J. Finkelstein, RegeneRx's president and chief executive officer. "We will pursue our ongoing clinical and business initiatives while our common stock is quoted on the OTC Bulletin Board and may seek to return to the NYSE Amex or NASDAQ at a time when we can readily meet the initial and continued listing requirements."
While its common stock is quoted on the OTC Bulletin Board, the Company plans to file periodic reports with the SEC pursuant to the requirements of the Securities Exchange Act of 1934, as amended.