AXM receives notification letter from Amex

By Lisa Kerner

Erie, Pa., Feb. 7 - AXM Pharma, Inc. said it has received notification from the American Stock Exchange that it does not meet some continued listing standards.

Specifically, the Amex cited Section 1003(a)(iv) of the exchange's Company Guide, according to a company news release. Amex noted its concern about AXM's ability to continue operations and meet its obligations in view of its substantial operating losses.

AXM has until March 3 to submit a plan of action that would bring it into compliance with the listing requirements by May 2.

AXM said if it fails to submit a plan, or submits a plan that is not acceptable, it will be subject to delisting proceedings.

"We are working diligently on a plan to improve the company's financial position and we hope to submit our response to the Amex within the prescribed time period," AXM chief executive officer Wang Weishi said in the release.

Las Vegas-based AXM, through its wholly owned subsidiary, AXM Pharma Shenyang, Inc., manufactures proprietary and generic pharmaceutical products, for export and domestic Chinese sales.

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