Access Pharmaceuticals Receives Notice of AMEX Delisting
January 31 2006 - 3:30PM
PR Newswire (US)
DALLAS, Jan. 31 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS,
INC. (AMEX:AKC) today announced its receipt of an American Stock
Exchange ("AMEX") Listing Qualifications Department determination
denying the Company's appeal of an AMEX Staff Determination on
December 12, 2005 which found that the Company failed to comply
with AMEX's continued listing standards due to losses from
continuing operations and/or net losses in two of its most recent
fiscal years with shareholders' equity of less than $2 million, as
set forth in Section 1003(a)(i) of the AMEX "Company Guide"; due to
losses from continuing operations and/or net losses in three of its
most recent fiscal years with shareholders' equity of less than $4
million, as set forth in Section 1003(a)(ii) of the Company Guide;
and due to losses from continuing operations and/or net losses in
four of its most recent fiscal years with shareholders' equity of
less than $6 million, as set forth in Section 1003(a)(iii) of the
Company Guide. As a result, Access Pharmaceuticals, Inc.'s common
stock is expected to be delisted from AMEX effective with the open
of business on Wednesday, February 1, 2006. Access Pharmaceuticals,
Inc.'s quotation for its common stock is expected to appear in the
"Pink Sheets" under the trading symbol "AKCA" on or about February
1, 2006. Access also expects that its common stock will be quoted
in the future on the OTC Bulletin Board, provided that a market
maker files the necessary application with the NASD and such
application is cleared. While the delisting determination is
obviously disappointing, we continue to actively seek to close a
financing, merger or licensing option. Access Pharmaceuticals, Inc.
is an emerging pharmaceutical company developing unique polymer
linked cytotoxics for use in the treatment of cancer. Its lead
product AP5346 is in Phase II clinical testing. The Company also
has other advanced drug delivery technologies including
vitamin-mediated targeted delivery and oral drug delivery. This
press release contains certain statements that are forward-looking
within the meaning of Section 27a of the Securities Act of 1933, as
amended, and that involve risks and uncertainties, including but
not limited to statements made relating to our listing on the
American Stock Exchange, our expected quotation in the Pink Sheets
and possible future quotation on the OTC Bulletin Board as well as
our activity seeking financing, merger or licensing. These
statements are subject to numerous risks, including but not limited
to the risks detailed in the Company's Annual Report on Form 10-K
for the year ended December 31, 2004, Quarterly Report on Form 10-Q
for the quarter ended September 30, 2005 and other reports filed by
us with the Securities and Exchange Commission. DATASOURCE: Access
Pharmaceuticals, Inc. CONTACT: Stephen B. Thompson, Vice President
& CFO of Access Pharmaceuticals, Inc., +1-214-905-5100; or
investor relations, Donald C. Weinberger of Wolfe Axelrod
Weinberger LLC, +1-212-370-4500, for Access Pharmaceuticals, Inc.
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