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Isolagen, Inc. Announces Filing of Voluntary Petition Under Chapter 11 of the Bankruptcy Code
Date:6/16/2009

Isolagen, Inc. Receives Delisting Notice from NYSE Amex

EXTON, Pa., June 16 /PRNewswire-FirstCall/ -- Isolagen(TM), Inc. (NYSE Amex: ILE) today announced that on June 15, 2009, the Company and Isolagen Technologies, Inc., the Company's wholly owned subsidiary, each filed a voluntary petition for reorganization under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in Wilmington. The Company and Isolagen Technologies intend to continue to manage and operate their business as debtors in possession pursuant to the Bankruptcy Code.

On June 10, 2009, the Company received a notice from the NYSE Amex that it intends to delist the Company's common stock from listing on the NYSE Amex, which delisting determination will be final approximately seven days from the receipt of such notification if the Company determines not to appeal such decision. The Company does not believe it has any reasonable basis to appeal the decision, and, as such, it does not intend to appeal the decision. As such, the Company expects the NYSE Amex to file an application with the SEC to strike the Company's common stock from listing and registration on the NYSE Amex on or about June 18, 2009, which delisting would become effective on or about June 29, 2009. The NYSE Amex notice stated that the Company is not in compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide (the "Company Guide"). Specifically, the staff noted that the Company sustained losses which are so substantial in relation to its overall operations or its existing financial sources that is appears questionable, in the opinion of the NYSE Amex, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. The staff also stated the Company was not in compliance with Sections 1003 (a
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SOURCE Isolagen, Inc.
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