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DOR BioPharma gets more time to meet Amex listing requirements
By Jennifer Chiou
New York, Dec. 9 - DOR BioPharma, Inc. announced it received notice from the American Stock Exchange that it has been granted an extension to March 31 to regain compliance with Amex listing requirements.
The company had a hearing with the Amex listing qualifications panel on Dec. 2.
If DOR BioPharma does not maintain a minimum shareholder equity balance of $6 million by March 31, the panel unanimously agreed to delist the company's stock.
"We are very pleased with and appreciative of the continued support of the Amex," chief financial officer Evan Myrianthopoulos said in a news release.
"We presented a comprehensive plan that we have been working on for several months and we continue to diligently move forward with the execution of that plan."
On Nov. 29, DOR BioPharma said it received a second notice from the Amex staff that it was no longer in compliance with listing requirements because the company had shareholders' equity of less than $4 million and losses from continuing operations and/or net losses in three of its four most recent fiscal years, according to the exchange.
The Miami-based biopharmaceutical company previously said on Oct. 26 that it had received a delisting notice because it had shareholders' equity of less than $6 million and losses from continuing operations and/or net losses in its five most recent fiscal years.
DOR BioPharma is focused on cancer treatments, serious gastrointestinal diseases and disorders and biomedical countermeasures. It plans to file a New Drug Application with the U.S. Food and Drug Administration for its lead product, orBec, for intestinal graft-versus-host disease, a common serious complication of bone marrow transplantation for cancer.
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