Full Press Release Details
BIOPHARMA INC. OFFERS INVESTOR UPDATE. TOPICS INCLUDE: (1) APPEAL OF AMERICAN
STOCK EXCHANGE DELISTING DECISION, (2) OPERATIONAL UPDATE AND (3) ANNOUNCEMENT
OF INVESTOR CONFERENCE CALL
FL (October 31, 2008) - Oragenics,
BioPharma Inc. (The ASE: "ONI") announced, that it received a letter from the
NYSE Alternext US LLC* (formerly known as the American Stock
Exchange, hereinafter
the "Exchange" or "ASE"), on October 27, 2008 confirming the Exchange's
intention to proceed with the filing of an application with the Securities
Exchange Commission ("SEC") to delist the common stock of the Company from
Exchange. The notice from the Exchange indicates that the ASE staff has decided
that the Company does not meet the following continued listing standards under
the ASE Company Guide: Section 1003(a)(ii) in that the Company's stockholders'
equity is less than $4 million and it has sustained losses in three of its
most recent fiscal years. On October 31, 2008, the Company filed a request
appeal the Exchange's determination and requested a hearing before a panel of
the Exchange. As of the date hereof, no date has been set for such hearing,
the hearing is expected to be held within 45 days. During this period, the
Company's common stock will continue to be listed on the Exchange pending the
outcome of the appeal. The Company plans to vigorously appeal and if the
Company's position is accepted by the panel, this would allow the Company to
continue its listing. However, there can be no assurance that the Company's
request for continued listing will ultimately be granted. Also, while the
Company is considering alternatives for repositioning itself on other exchanges,
including ongoing discussions with potential listing sponsors and market makers,
the Company expects that its shares will be listed on another exchange or quoted
on a quotation medium prior to any termination in trading on the ASE. Should
Company's appeal be denied, management does believe that following the
effectiveness of the Company's delisting, trading in the Company's common stock
would be conducted on the OTC Bulletin Board in the United States.
of the Company's establishment of an affiliate in Mexico and its
internationalization initiatives in Latin America and Europe, the Company has
also been actively pursuing a listing on an exchange or exchanges, including
Europe and North America, that could offer broader exposure to international
investors and markets and a better fit for the Company given its sector profile.
made great strides operationally in the past several months, including, the
following significant events:
Stein, President and Chief Executive Officer, commented, "We are very pleased
with the Company's progress in achieving its operational goals, and we believe
that ONI is now better positioned than it ever has been. We do not believe
the letter from the ASE will preclude the achievement of any of our operational
objectives as we endeavor to reposition the Company to attract more investors
who are familiar with science and technology. While we intend to appeal the
decision with full vigor, we have also been actively pursuing the listing or
quotation of our shares on other exchanges, including in Europe and North
America, and we expect to make an additional announcement in connection with
plans prior to the effective date, if any, of a delisting from the ASE. It
our goal to provide every current and potential shareholder with access to
trading market and an accurate quote at times convenient to each investor.
be scheduling an investor call at a date and time to be announced after the
release of the third quarter 10-Q, to provide investors with a detailed
American Stock Exchange was acquired by NYSE Euronext on October
name was changed to NYSE Alternext US LLC.
Inc. (d/b/a ONI BioPharma Inc.) is a biopharmaceutical company with a pipeline
of unique proprietary technologies, some of which are being commercialized.
Company also has a number of products in discovery, preclinical and clinical
development, with a concentration in the main therapeutic area of infectious
diseases, diagnostics, and oral health. The Company has developed platform
technologies with respect to its products, thereby creating a pipeline of future
products, which the Company expects to develop.
Harbor Statement: Under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements that reflect ONI BioPharma's
current views with respect to future events and financial performance. These
forward-looking statements are based on management's beliefs and assumptions and
information currently available. The words "believe," "expect," "anticipate,"
"intend," "estimate," "project" and similar expressions that do not relate
solely to historical matters identify forward-looking statements. Investors
should be cautious in relying on forward-looking statements because they are
subject to a variety of risks, uncertainties, and other factors that could
actual results to differ materially from those expressed in any such
forward-looking statements. These factors include, our ability to qualify to
listed on another exchange if we are delisted or to otherwise be quoted on
quotation medium, future costs associated with any potential listing sponsor
changing to another exchange, those factors set forth in our most recently
annual report on Form 10-KSB and quarterly report on Form 10-Q, and other
factors detailed from time to time in filings with the Securities and Exchange
Commission. We expressly disclaim any responsibility to update forward-looking
B. Stein, 386-418-4018 X222