Full Press Release Details
Accepts Manhattan Pharmaceuticals' Plan to
Compliance with Continued Listing Standards
YORK, NY MAR 27, 2007
Manhattan Pharmaceuticals, Inc. (AMEX: MHA) today announced that the American
Stock Exchange (AMEX) has accepted the Company's plan to regain compliance
continued listing standards of AMEX. The Company's plan was submitted in
response to a letter from AMEX which informed the Company that it was not in
compliance with Section 1003(a)(ii) of the AMEX Company Guide with stockholders'
equity of less than $4,000,000 and losses from continuing operations and/or
losses in three out of its four most recent fiscal years, and Section
1003(a)(iii) of the AMEX Company Guide with stockholders' equity of less than
$6,000,000 and losses from continuing operations and/or net losses in its five
most recent fiscal years.
23, 2007, AMEX notified the Company that it has completed its review of the
Company's proposed plan of compliance and supporting documentation and has
determined that the plan makes a reasonable demonstration of the Company's
ability to regain compliance with the continued listing standards by the end
the plan period. Therefore, AMEX is continuing the Company's listing pursuant
an extension. The targeted completion date to regain compliance with the
continued listing standards is April 16, 2008. The Company will be subject
periodic review by AMEX during the plan period. Failure to make progress
consistent with the Plan or to regain compliance with the continued listing
standards by the end of the plan period could result in the Company being
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
common obesity and morbid 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,
sedative-hypnotic for use during diagnostic and therapeutic procedures.
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.