AtheroGenics Regains Compliance With NASDAQ Listing Requirement
March 04 2008 - 6:15AM
Marketwired
ATLANTA, GA , a pharmaceutical company focused on the treatment
of chronic inflammatory diseases, today announced that the NASDAQ
Listing Qualifications Panel has granted the Company's request for
continued listing of its securities on The NASDAQ Global Market.
The company filed its Form 10-K on March 3, 2008, evidencing that
it satisfied a NASDAQ requirement to have more than $50 million in
revenue and $50 million in total assets for the fiscal year ended
December 31, 2007.
As previously announced, the Company had received notice of
non-compliance from NASDAQ due to the Company's failure to evidence
that the market value of its common shares was above the $50
million requirement for continued listing on the NASDAQ Global
Market, as required by Marketplace Rule 4450(b)(1)(A). In response,
the company appeared before the NASDAQ Panel and presented its
plan, which was subsequently accepted by the Panel, to evidence
compliance with the alternative listing standard that requires $50
million in total assets and $50 million in total revenue in the
most recent fiscal year. Upon the filing of the Form 10-K for the
fiscal year ended December 31, 2007, AtheroGenics reported total
assets of $103.1 million and total revenues of $52.3 million.
About AtheroGenics
AtheroGenics is focused on the discovery, development and
commercialization of novel drugs for the treatment of chronic
inflammatory diseases, including diabetes and coronary heart
disease (atherosclerosis). AtheroGenics has commenced ANDES
(AGI-1067 as a Novel Anti-Diabetic Agent Evaluation Study), a Phase
III clinical trial to study its lead antioxidant and
anti-inflammatory drug candidate, AGI-1067, in patients with
diabetes. In addition, the Company has other clinical and
preclinical anti-inflammatory compounds, including AGI-1096, an
oral agent for the prevention of organ transplant rejection. For
more information about AtheroGenics, please visit
http://www.atherogenics.com.
Disclosure Regarding Forward-Looking Statements
Statements contained in this press release that relate to events
or developments that we expect or anticipate will occur in the
future are deemed to be forward-looking statements, and can be
identified by words such as "believes," "intends," "expects" and
similar expressions. AtheroGenics cautions investors not to place
undue reliance on the forward-looking statements contained in this
release. These and other such statements are subject to certain
factors, risks and uncertainties that may cause actual results,
events and performances to differ materially from those referred to
in such statements. For example, additional information relating to
the safety, efficacy or tolerability of AGI-1067, may be discovered
upon further analysis of trial data. The U.S. Food and Drug
Administration might not allow us to conduct further studies of the
efficacy of AGI-1067 for the same or new endpoints, and, to the
extent approved, additional clinical trial work may take a
significant period of time to complete or require significant
additional resources to complete. We cannot ensure that AGI-1067
will ever be approved or be proven safe and effective for use in
humans. These and other risks are discussed in AtheroGenics'
Securities and Exchange Commission filings, including, but not
limited to, the risks discussed in AtheroGenics' Annual Report on
Form 10-K for the fiscal year ended December 31, 2007 and are
specifically incorporated by reference into this press release. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
CONTACTS: AtheroGenics, Inc. Mark P. Colonnese Executive Vice
President 678-336-2511 Email Contact Media Inquiries Jayme Maniatis
/ Dana Conti Schwartz Communications, Inc. 781-684-0770 Email
Contact Investor Inquiries Lilian Stern Stern Investor Relations,
Inc. 212-362-1200 Email Contact
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