AMEX Accepts Matritech's Plan to Regain Compliance with Continued Listing Standards
11 Décembre 2006 - 5:00PM
Business Wire
Matritech (Amex: MZT), a leading marketer and developer of
protein-based diagnostic products for the early detection of
cancer, today announced that the American Stock Exchange (AMEX) has
accepted the Company�s plan to regain compliance with continued
listing standards of AMEX. Matritech�s plan was submitted in
response to a letter from AMEX dated September 21, 2006 in which
AMEX informed the Company that it was not in compliance with
certain continued listing standards, specifically, Section
1003(a)(i) of the Company Guide with shareholders� equity of less
than $2,000,000 and losses from continuing operations and/or net
losses in two of its three most recent fiscal years, Section
1003(a)(ii) of the Company Guide with shareholders� equity of less
than $4,000,000 and losses from continuing operations and/or net
losses in three of its four most recent fiscal years, and Section
1003(a)(iii) with shareholders� equity of less than $6,000,000 and
losses from continuing operations and/or net losses in its five
most recent fiscal years. The Company was afforded the opportunity
to submit a plan of compliance and it did so on October 23, 2006.
On December 8, 2006, 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 of the
plan period. Therefore, AMEX is continuing the Company�s listing
pursuant to an extension. The targeted completion date to regain
compliance with the continued listed standards is March 21, 2008.
The Company will be subject to 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 delisted
from AMEX. About Matritech Matritech is using its patented
proteomics technology to develop diagnostics for the detection of a
variety of cancers. The Company�s first two products, the NMP22�
Test Kit and NMP22� BladderChek� Test, have been FDA approved for
the monitoring and diagnosis of bladder cancer. The NMP22�
BladderChek� Test is based on Matritech�s proprietary nuclear
matrix protein (NMP) technology, which correlates levels of NMPs in
body fluids to the presence of cancer. Beginning with a patent
portfolio licensed exclusively from the Massachusetts Institute of
Technology (MIT), Matritech�s patent portfolio has grown to 14
other U.S. patents. In addition to the NMP22 protein marker
utilized in the NMP22� Test Kit and NMP22� BladderChek� Test, the
Company has discovered other proteins associated with cervical,
breast, prostate, and colon cancer. The Company�s goal is to
utilize protein markers to develop, through its own research staff
and through strategic alliances, clinical applications to detect
cancer. More information about Matritech is available at
www.matritech.com. Statement under the Private Securities
Litigation Reform Act Any forward-looking statements in this press
release including those related to the Company�s expectations
regarding the continued listing of its common stock and the future
course of actions and proceedings at the American Stock Exchange,
are subject to a number of risks and uncertainties, many of which
are beyond the Company�s control. Please refer to the risk factors
detailed in the Company�s periodic reports and registration
statements as filed with the Securities and Exchange Commission.
These forward-looking statements are neither promises nor
guarantees. There can be no assurance that the Company�s plan will
be accepted by the American Stock Exchange or that the Company will
be able to make progress consistent with the plan if it is
accepted. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Matritech undertakes no responsibility to revise or update
any such forward-looking information.
Matritech (AMEX:MZT)
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