PLANTATION, Fla., Oct. 31 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today announced that the American Stock Exchange (Amex) has
approved the Company's recently submitted compliance plan and has granted a
conditional extension to continue its listing on the Amex.
On September 22, 2005, Viragen disclosed that it had received a deficiency
letter from the Amex, dated September 20, 2005, advising that the Company is
not in compliance with continued listing standards. In order to maintain its
listing, Viragen was required to submit a compliance plan by October 20, 2005
advising the Amex of action it has taken, or will take, that would bring it
back into compliance with continued listing standards. The plan was confirmed
as being received by Amex on October 19, 2005.
On October 25, 2005, the Amex notified Viragen that it approved the
Company's plan of compliance and granted an extension until March 20, 2007 to
regain compliance with the continued listing standards. The Company will be
subject to periodic review by Amex Staff during the extension period and
failure to make progress consistent with the plan or to regain compliance with
the continued listing standards by the end of the extension period could
result in the Company being delisted from the Amex.
Specifically, based on Viragen's financial statements for its fiscal year
ended June 30, 2005, the Company 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.
In other news, Viragen provided an update on the impact from Hurricane
Wilma. The Company reports that its employees and families are safe, and
there is no serious physical damage at its South Florida headquarters.
However, there are still widespread power outages, and stockholder relations
have been temporarily interrupted. We appreciate your patience and
understanding during this time of crisis, and we will respond to inquiries as
soon as possible.
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.
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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