REDWOOD CITY, Calif.--(BUSINESS WIRE)--Oct. 28, 2009--
A.P. Pharma (Nasdaq:APPA), a specialty pharmaceutical company, today
announced that on October 26, 2009, the Company received notice that the
Nasdaq Listing Qualifications Panel (Panel) has granted the Company’s
request to transfer the listing of the Company’s common stock from The
Nasdaq Global Market to The Nasdaq Capital Market, which will take
effect with the opening of the market on Wednesday, October 28, 2009.
The Company’s securities will continue to trade on The Nasdaq Stock
Market (Nasdaq) under the symbol “APPA.”
The Nasdaq Capital Market is a continuous trading market that operates
in the same manner as The Nasdaq Global Market and includes the
securities of approximately 450 companies. All companies listed on The
Nasdaq Capital Market must meet certain financial requirements and
adhere to Nasdaq’s corporate governance standards.
As previously announced, the Company received notice on July 17, 2009,
that it no longer satisfied the $10 million stockholders’ equity
requirement for continued listing on The Nasdaq Global Market. At a
subsequent hearing before the Panel, the Company requested the transfer
of its listing to The Nasdaq Capital Market pursuant to an exception to
satisfy the $2.5 million stockholders’ equity requirement for continued
listing on that market. Following the completion of the October 22, 2009
financing for approximately $8.1 million, the Company’s stockholders’
equity currently exceeds $2.5 million. The Company is awaiting
acknowledgement by Nasdaq that it meets the $2.5 million stockholders’
equity requirement for continued listing on The Nasdaq Capital Market.
Separately, as announced on September 21, 2009, the Company received
notice from Nasdaq that it did not satisfy the $1.00 minimum bid price
requirement, and that the Company has been granted through March 15,
2010 to regain compliance with the minimum bid price requirement. If the
Company is not in compliance with the minimum bid price requirement by
that date, 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. If the Company is not eligible for an
additional compliance period or if the Company has not otherwise
complied with the minimum bid price requirement, Nasdaq will provide
written notice to the Company that its securities are subject to
delisting. At such time, the Company could appeal the delisting
determination to a Panel and the Company’s securities would remain
listed pending a subsequent decision by the Panel.
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 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
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
Vice President,
Finance and Chief Financial Officer
or
Corporate
Communications Alliance, LLC
Investor and Media Relations:
Edie
DeVine, 209-814-9564
