A.P. Pharma Receives Nasdaq Notice of Non-Compliance; Company to Request Hearing
07/20/2009
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jul. 20, 2009--
A.P. Pharma, Inc. (Nasdaq:APPA), a specialty pharmaceutical company,
today announced that, on July 17, it received notice from the Listing
Qualifications Staff of The Nasdaq Stock Market (Nasdaq) indicating that
it has not regained compliance with Nasdaq Marketplace Rule
5450(b)(1)(A), the minimum stockholders’ equity requirement. As a
result, the Company’s securities would be subject to delisting from The
Nasdaq Stock Market, unless the Company requests a hearing before a
Nasdaq Listing Qualifications Panel (Panel). A.P. Pharma intends to
request a hearing before the Panel at which it will present its plan for
regaining compliance with all applicable listing requirements. The
hearing request will result in the Company’s shares remaining listed on
The Nasdaq Global Market at least until such time as the Panel renders
its decision following the hearing.
There can be no assurance that the Panel will grant the Company’s
request for continued listing on The Nasdaq Stock Market. In the event
that the Panel determines to delist the Company’s securities from
Nasdaq, the Company’s common stock may be eligible for trading on the
OTC Bulletin Board or the “Pink Sheets.”
About A.P. Pharma
A.P. Pharma is a specialty pharmaceutical company developing products
using its proprietary Biochronomer™ polymer-based drug delivery
technology. The Company’s primary focus is on its lead product
candidate, APF530, which has completed a pivotal Phase 3 clinical trial
for the prevention of CINV. The NDA for APF530 was submitted in May 2009
and the FDA set a Prescription Drug User Fee Act (PDUFA) date of March
18, 2010. 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.
Forward-looking Statements
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, 650-366-2626
Vice President,
Finance and Chief Financial Officer
or
Corporate
Communications Alliance, LLC
Investor and Media Relations:
Edie
DeVine, 209-814-9564