A.P. Pharma Receives Extension for Nasdaq Listing Compliance
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jun. 3, 2009--
A.P. Pharma, Inc. (Nasdaq: APPA), a specialty pharmaceutical company,
today announced that on May 29, 2009, it received a letter from the
Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq)
granting A.P. Pharma an extension to regain compliance with the minimum
$10 million stockholders' equity requirement for continued listing on
The Nasdaq Global Market under Nasdaq Marketplace Rule 5450(b)(1)(A). In
April 2009, A.P. Pharma announced that it had received a letter from
Nasdaq notifying the Company that it was not in compliance with this
Under the terms of this extension, on or before July 16, 2009, A.P.
Pharma must furnish to the Securities and Exchange Commission and Nasdaq
a publicly available report that, among other things, evidences
compliance with the minimum $10 million stockholders' equity
requirement. In the event A.P. Pharma does not satisfy the terms of this
extension, the Company expects to receive a further notice of
non-compliance. If it receives a notification, A.P. Pharma may request a
hearing before a Nasdaq Listing Qualifications Panel (Panel) or may be
able to move to The Nasdaq Capital Market. In the event of a hearing,
the Company’s securities would remain listed pending a final
determination by the Panel.
About A.P. Pharma
A.P. Pharma is a specialty pharmaceutical company developing products
using our proprietary Biochronomer™ polymer-based drug delivery
technology. Our primary focus is on our lead product candidate, APF530,
which has completed a pivotal Phase 3 clinical trial for the prevention
of CINV. An NDA for APF530 was submitted in May 2009. The Company has
additional clinical- and preclinical-stage programs in the area of pain
management, all of which utilize its bioerodible injectable and
implantable delivery systems. For further information, please visit the
Company's web site at www.appharma.com.
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with timely development, approval, launch and
acceptance of new products, satisfactory completion of clinical studies,
establishment of new corporate alliances, progress in research and
development programs and other risks and uncertainties identified in the
Company's filings with the Securities and Exchange Commission. We
caution investors that forward-looking statements reflect our analysis
only on their stated date. We do not intend to update them except as
required by law.
Source: A.P. Pharma, Inc.
A.P. Pharma, Inc.
John B. Whelan,
Vice President, Finance and Chief Financial Officer
and Media Relations:
Corporate Communications Alliance, LLC