CRANBURY, N.J., Dec. 2, 2010 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today reported it received notice from NYSE Amex LLC (the "Exchange"), advising Palatin that it is not in compliance with certain conditions of the Exchange's continued listing standards under Section 1003 of the Exchange's Company Guide.
In a letter to Palatin, the Exchange stated that Palatin was not in compliance with Section 1003(a)(iii) of the Company Guide because Palatin's stockholders' equity is less than the required $6,000,000 and Palatin has losses from continuing operations and net losses in its five most recent fiscal years, and not in compliance with Section 1003(a)(iv) of the Company Guide because Palatin has sustained losses which are so substantial in relation to its overall operations or existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether Palatin will be able to continue operations and/or meet its obligations as they mature.
Palatin intends to submit a plan of compliance by December 27, 2010, advising the Exchange how it intends to regain compliance with Section 1003(a)(iv) by February 28, 2011 and Section 1003(a)(iii) by May 26, 2011. If the Exchange accepts the plan, Palatin may be able to continue its listing during the plan period, subject to periodic review to determine if Palatin is making progress consistent with the plan. If Palatin does not submit a plan, or if the Exchange does not accept the plan, or if Palatin does not regain compliance within the applicable deadlines, or if Palatin does not make progress consistent with the plan during the plan period, the Exchange may initiate delisting procedures.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company dedicated to the development
|SOURCE Palatin Technologies, Inc.|
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