CARLSBAD, Calif., April 30 /PRNewswire-FirstCall/ --
The Immune Response Corporation (Nasdaq: IMNR) announced today that it has
received notification from the Nasdaq Listing Qualifications Department
indicating that the Company does not comply with Marketplace Rule 4450(a)(5)
because for the last 30 consecutive trading days the Company's common stock
had closed below the minimum $1.00 bid price per share requirement for
continued inclusion on The Nasdaq National Market. In order to regain
compliance, the closing bid price per share for the Company's common stock
must be $1.00 or more for a minimum of 10 consecutive trading days during any
period through July 24, 2002. If the Company cannot demonstrate compliance
with the NASD rule by July 24, 2002, the NASD indicated that it would provide
notification that the Company's securities would be delisted. At such time,
the Company could appeal the determination. Alternatively, before
July 24, 2002, the Company could apply to transfer its securities to
The Nasdaq SmallCap Market which would extend the period to comply with the
minimum $1.00 bid per share requirement until October 22, 2002.
As previously announced, the Company's Board of Directors has requested
that stockholders grant it the discretion to effect a 1-for-4 reverse stock
split. This issue will be considered for approval by the Company's
stockholders at the upcoming Annual Stockholder Meeting on June 11, 2002.
The Immune Response Corporation is a biopharmaceutical company based in
Carlsbad, California, developing immune-based therapies to induce specific
T-cell responses for the treatment of HIV, autoimmune diseases and cancer. In
addition, the Company is developing a targeted non-viral delivery technology
for gene therapy, which is designed to enable the delivery of genes directly
to the liver via intravenous injection. NOTE: Company information can also be
located on the Internet Web site: http://www.imnr.com
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including, but not limited to, risks associated with continued compliance with
Nasdaq listing requirements, whether clinical trials will be successfully
concluded and whether REMUNE(R) will be approved for marketing or be
successfully commercialized. Certain of those factors are discussed more
thoroughly in The Immune Response Corporation's SEC filings, including but not
limited to its report on Form 10-K for the year ended December 31, 2001.
The Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation.
SOURCE The Immune Response Corporation
 back to top
Related links:
http://www.imnr.com
Company News On-Call:
http://www.prnewswire.com/comp/434675.html
CONTACT:
investors, Kathy Lane of The Immune Response
Corporation, +1-760-771-2236
|
