PLANTATION, Fla., March 3 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today provided an update related to the Company's plans to return
to compliance with the American Stock Exchange's (Amex) continued listing
requirements.
Viragen's common stock continues to trade on the Amex under a conditional
trading extension, which as previously reported, has been granted until March
20, 2007. The Company continues to provide Amex officials with quarterly
updates, advising of actions it will take that are intended to bring it back
into compliance with continued listing standards as quickly as possible.
On March 1, 2006, the Amex notified Viragen that a review of the Company's
Quarterly Report (Form 10-Q) for the quarter ended December 31, 2005,
indicates that Viragen does not meet an additional continued listing standard,
Section 1003(a)(i) of the Amex Company Guide with stockholders' 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.
The Company had previously reported that it is not in compliance with
Section 1003(a)(ii) with stockholders' equity of less than $4,000,000 and
losses from continuing operations and/or net losses in three out of its four
most recent fiscal years and Section 1003(a)(iii) 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.
Viragen will continue to be subject to periodic review by Amex officials
during the extension period and failure to make progress consistent with the
Company's plan or to regain compliance with the Exchange's continued listing
standards by the end of the extension period in March 2007 could result in the
Company being delisted from the Amex.
About Viragen, Inc.:
With global operations in the U.S., Scotland and Sweden, Viragen is a
biotechnology company engaged in the research, development, manufacture and
commercialization of pharmaceutical proteins for the treatment of viral
diseases and cancers. Our product portfolio includes: Multiferon(R) (multi-
subtype, natural human alpha interferon) targeting a broad range of infectious
and malignant diseases; and humanized monoclonal antibodies targeting specific
antigens over-expressed on many types of cancers. We are also pioneering the
development of Avian Transgenic Technology as a revolutionary manufacturing
platform for the large-scale, efficient and economical production of human
therapeutic proteins and antibodies.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that
can be identified by such terminology such as "expects," "potential,"
"suggests," "may," "should," "could," or similar expressions. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. In particular, management's expectations regarding future
research, development and/or commercial results could be affected by, among
other things, uncertainties relating to clinical trials and product
development; availability of future financing; unexpected regulatory delays or
government regulation generally; the Company's ability to obtain or maintain
patent and other proprietary intellectual property protection; and competition
in general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com
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CONTACT:
Douglas Calder, Director of Communications,
Viragen, Inc., +1-954-233-8746, or fax, +1-954-233-1414, or
dcalder@viragen.com
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