PLANTATION, Fla., Sept. 22 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today announced that it received a deficiency letter from the
American Stock Exchange (Amex) dated September 20, 2005, advising that the
Company is not in compliance with the Exchange's continued listing
requirements. Specifically, Viragen is 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 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 submit a plan to Amex which will outline actions designed to
bring the Company back into compliance. The Company expects to submit this
plan on or before October 20, 2005, and otherwise comply with all requirements
set forth by Amex. Final approval of this plan is at the discretion of 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 "expect," "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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