Attached files
| file | filename |
|---|---|
| 8-K - RADIENT PHARMACEUTICALS Corp | v209103_8k.htm |
 |
RPC
Contact:
Kristine
Szarkowitz
Director-Investor
Relations
kszarkowitz@radient-pharma.com
(Tel
:) 206.310.5323
|
RADIENT
PHARMACEUTICALS RECEIVES NYSE AMEX NOTICE OF
DELISTING
FOR NON-COMPLIANCE
Based on
recent operational progress, RPC intends to appeal the delisting determination
and is seeking an oral hearing before the Exchange’s Listing Qualifications
Panel (the "Panel") to make such appeal. Pursuant to the Exchange’s Company
Guide, such hearing should occur within 45 days of the date our request for such
hearing is filed, which will be on or before February 1, 2011.
The
request for appeal is expected to stay any action with respect to the
Amex’s Determination to prohibit the continued listing of RPC’s securities and
allow the continued listing of RPC’s common stock on NYSE Amex until the Amex
decides the suspension of trading is in the public’s best interest or after the
hearing when the Panel renders its decision. At the hearing, RPC intends
to provide additional details on the original plan RPC submitted to the Exchange
on January 22, 2010 to gain compliance. The Company will also present
its latest operational progress report, the milestones achieved, and
request the Panel allow RPC additional time within which to regain compliance
and maintain a listing on the Exchange. There can be no assurance that the Panel
will grant the Company's request for continued listing on the NYSE
Amex.
Operational Status
Radient
Pharmaceuticals will continue its normal course of business operations
notwithstanding the status of the Amex listing. As referenced in its
January 10, 2011 press release related to the AMEX approval of various debt for
equity exchanges, the Company currently has converted or
exchanged approximately $16.6 million in debt, interest, and penalties, and
anticipates converting or exchanging approximately an additional $8 million
in debt during the first quarter of 2011. After these conversions and
exchanges, the Company will have approximately $21 million in shareholder’s
equity. It should also be noted that, as of January 26, 2011, RPC has
approximately 88 million shares outstanding, and the Company is hopeful it can
complete additional financings in the first quarter 2011. RPC believes the debt
for equity exchanges, progress towards meeting milestones, combined with
the anticipated financing will enable RPC to regain compliance with AMEX listing
requirements.
RPC Contact Information:
For
additional information on Radient Pharmaceuticals, ADI and its portfolio of
products visit the Company’s corporate website at www.radientpharma.com. For
Investor Relations information contact Kristine Szarkowitz at
IR@RadientPharma.com or 1.206.310.5323.
About Radient
Pharmaceuticals:
Forward-Looking
Statements:
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995: The
statements contained in this document include certain predictions and
projections that may be considered forward-looking statements under securities
law. These statements involve a number of important risks and uncertainties that
could cause actual results to differ materially including, but not limited to,
the performance of joint venture partners, as well as other economic,
competitive and technological factors involving the Company’s operations,
markets, services, products, and prices. With respect to Radient Pharmaceuticals
Corporation, except for the historical information contained herein, the matters
discussed in this document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially from those in
such forward-looking statements.
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