PARSIPPANY, N.J., May 4 /PRNewswire-FirstCall/ -- Arno Therapeutics, Inc. (OTC Bulletin Board: ARNI), a clinical-stage biopharmaceutical company focused on oncology therapeutics, today announced that it has voluntarily filed a Form 15 with the Securities and Exchange Commission ("SEC") in order to deregister its common stock under the Securities and Exchange Act of 1934. As a result, effective immediately, Arno's obligation to file periodic and other reports under the Exchange Act is suspended. The Company's decision to deregister its Exchange Act registration is part of its plan to reduce expenses and allocate the costs savings to the further development of its clinical compounds.
The Company's decision is based upon the additional financial and administrative costs and burdens associated with being a public reporting company subject to the regulations promulgated under the Exchange Act. The Company estimates the costs savings to be approximately $300,000 annually that the Company intends to redirect towards advancing its clinical development programs.
The SEC has 90 days to review the Company's Form 15 for compliance with the decertification requirements. However, effective immediately, as a result of the filing of the Form 15, the Company is no longer required to file reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. In addition, certain requirements of the Sarbanes Oxley Act of 2002 will no longer apply to the Company. The Company is eligible to deregister under the Exchange Act because its common stock is held of record by fewer than 300 persons.
About Arno Therapeutics
Arno Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes innovative products for the treatment of cancer patients. Arno's lead clinical development compound is AR-67, a novel, third-generation camptothecin analogue that has demonstrated high preclinical potency and improved pharmacokinetic properties when compared with marketed second-generation products in its class. A Phase I study in advanced solid tumors has been completed and confirms the improved pharmacokinetic properties. Arno is also developing two pre-clinical compounds. AR-12, a potential first-in-class, orally available PDK1 inhibitor that blocks the PI3K/Akt pathway, has completed IND-enabling studies. AR-42, an orally available, targeted inhibitor of the Pan-DAC and Akt pathways received FDA acceptance of its IND in the first quarter of 2009.
For more information on Arno please visit www.arnothera.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings, as well as the anticipated savings resulting to from deregistration and our strategy, future operations, outlook, milestones, the success of our product development, future financial position, future financial results, plans and objectives of management, are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including those described under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
|SOURCE Arno Therapeutics, Inc.|
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