CRANBURY, N.J., March 5 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Alternext US: PTN) reported that its exchange listing compliance plan submitted on January 23, 2009 has been accepted by the NYSE Alternext US LLC (the "Exchange," formerly known as the American Stock Exchange).
As reported on December 30, 2008, Palatin received notice from the Exchange that it was not in compliance with certain continued listing requirements under Sections 1003(a)(ii) and (iii) of the Exchange's Company Guide related to historical operating losses and shareholders' equity levels. This notice is described in more detail in Palatin's report on Form 8-K which was filed on December 30, 2008.
On February 27, 2009, the Exchange notified Palatin that it had accepted Palatin's plan for regaining compliance with the continued listing requirements of Sections 1003(a)(ii) and (iii), and that Palatin's listing on the Exchange was being continued pursuant to an extension.
Palatin may be able to continue its listing on the Exchange during the plan period through June 23, 2010, subject to periodic review by the Exchange to determine if Palatin is making progress consistent with the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by June 23, 2010 could result in Palatin's shares being delisted from the Exchange. If Palatin's common stock was ultimately delisted from the Exchange, it would be expected to trade on the over-the-counter market, such as the OTC Bulletin Board securities market, a regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics.
|SOURCE Palatin Technologies, Inc.|
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