Full Press Release Details
Receives Notification from AMEX of
of Certain Listing Standards
YORK, NY JAN 12, 2007
Manhattan Pharmaceuticals, Inc. (AMEX: MHA) previously reported in its Form
10-QSB for the quarter ended September 30, 2006 that at September 30, 2006,
company did not meet one of the American Stock Exchange's continued listing
standards because its stockholder's equity was less than $4,000,000 and its
market capitalization was less than $50,000,000, and that when a company falls
below these standards, AMEX will issue a letter to the listed company noting
that the listed company has failed to maintain its continued listing standards.
The listed company will have an opportunity to submit a plan to AMEX outlining
how it intends to regain compliance with its deficiency. If AMEX accepts the
plan, the listed company may be allowed up to eighteen months to regain
compliance with respect to its deficiency; however, if the company does not
regain compliance, then the AMEX will initiate delisting
company received notice from the AMEX indicating, consistent with the company's
previous reporting, that the company is not in compliance with Section
1003(a)(ii) of the AMEX Company Guide with stockholder's equity of less than
$4,000,000 and losses from continuing operations and/or net losses in three
its four most recent fiscal years, and Section 1003(a)(iii) of the AMEX Company
Guide with stockholder's equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent fiscal years.
This notice was based on a review by AMEX of the company's Form 10-QSB for the
period ended September 30, 2006.
for the company to maintain its AMEX listing, the company must submit a plan
February 7, 2007, advising AMEX of the actions it has taken, or will take,
will bring it into compliance with all the continued listing standards by April
16, 2008. If AMEX accepts the company's plan, the company may be able to
continue its listing for the period ending April 16, 2008 during which time
company will be subject to periodic review to determine if it is making progress
consistent with the plan. If the company does not regain compliance with all
AMEX's continued listing standards by April 16, 2008, or if the company does not
make sufficient progress consistent with its plan, then AMEX may initiate
delisting procedures. The company has already informed AMEX that it intends
Manhattan Pharmaceuticals, Inc.
Pharmaceuticals, Inc., a development-stage pharmaceutical company, acquires
develops proprietary prescription drugs for large, underserved patient
populations. In view of the worldwide obesity epidemic, the company is
developing OE, an orally administered novel therapeutic for the treatment of
obesity. To meet the needs of other major, underserved medical markets Manhattan
Pharmaceuticals is also developing PTH (1-34), a peptide believed to be a
regulator of epidermal cell growth, for the
treatment of psoriasis, and Propofol Lingual Spray, a convenient, proprietary
lingual spray formulation of propofol, the world's best-selling general
anesthetic, as a sedative-hypnotic for use during diagnostic and therapeutic
procedures. (http://www.manhattanpharma.com)
Regarding Forward-Looking Statements
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties that could cause Manhattan Pharmaceutical's actual results
differ materially from the anticipated results and expectations expressed in
these forward-looking statements. These statements are often, but not always,
made through the use of words or phrases such as
anticipates,'' expects,''plans,'' believes,'' ``intends,'' and similar words or phrases. Thesestatements are based on current expectations, forecasts and assumptions that
subject to risks and uncertainties, which could cause actual outcomes and
results to differ materially from these statements. Among other things, there
can be no assurances that Manhattan will be able to regain compliance with
AMEX's continued listing standards. Other risks that may affect forward-looking
information contained in this press release include the possibility of being
unable to obtain regulatory approval of Manhattan's product candidates, the
that the results of clinical trials may not support Manhattan's claims,
Manhattan's reliance on third-party researchers to develop its product
candidates, and its lack of experience in developing and commercializing
pharmaceutical products. Additional risks are described in the company's filings
with the Securities and Exchange Commission, including its Annual Report on
10-KSB for the year ended December 31, 2005. Manhattan assumes no obligation
update these statements, except as required by law.