REDWOOD CITY, Calif.--(BUSINESS WIRE)--Sep. 21, 2009--
A.P. Pharma, Inc. (Nasdaq:APPA), a specialty pharmaceutical company,
today announced that, on September 15, 2009, the Company received a
letter from The Nasdaq Stock Market (Nasdaq) indicating that the minimum
closing bid price of its common stock had fallen below $1.00 for 30
consecutive trading days, and therefore, A.P. Pharma was not in
compliance with Marketplace Rule 5450(a)(1). The Company has been
provided 180 calendar days, or until March 15, 2010, to regain
compliance with the minimum bid price requirement. This notice does not
impact the Company’s listing on Nasdaq at this time.
A.P. Pharma can regain compliance with the minimum closing bid price
rule if the bid price of its common stock closes at $1.00 or higher for
a minimum of ten consecutive business days during the initial 180-day
compliance period, although Nasdaq may, in its discretion, require the
Company to maintain a minimum closing bid price of at least $1.00 per
share for a period in excess of ten consecutive business days before
determining that A.P. Pharma has demonstrated the ability to maintain
long-term compliance.
If A.P. Pharma is not eligible for an additional compliance period, or
does not regain compliance during any additional compliance period,
Nasdaq will provide written notice to the Company that its securities
are subject to delisting. At such time, A.P. Pharma would be able to
appeal the delisting determination to a Nasdaq Listing Qualifications
Panel (Panel).
As disclosed in the Company’s press release dated July 20, 2009, the
Company requested, and on August 18, 2009, attended a hearing before the
Panel at which it presented its plan to move from The Nasdaq Global
Market to The Nasdaq Capital Market and to comply with the $2.5 million
stockholders’ equity requirement for continued listing on The Nasdaq
Capital Market. The Panel has not yet issued its determination as a
result of that hearing. In the event the Panel grants the Company’s
request for continued listing on The Nasdaq Capital Market, the Company
will be entitled to a second 180-calendar day grace period, through
September 13, 2010, to evidence compliance with the minimum bid price
requirement, so long as the Company satisfies all criteria for initial
listing on The Nasdaq Capital Market (except for bid price) as of March
15, 2010.
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, for the prevention of chemotherapy-induced nausea and
vomiting. The New Drug Application (NDA) for APF530 was submitted to the
U.S. Food and Drug Administration (FDA) in May 2009 and accepted for
review in July 2009, at which time 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, visit the Company's web site at www.appharma.com.
A.P. Pharma’s 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 (Corporate Contact)
Vice
President, Finance and Chief Financial Officer
or
Corporate
Communications Alliance, LLC
Edie DeVine, 209-814-9564 (Investors
and Media)
President
