SCOLR Pharma, Inc. Receives Notices From NYSE Amex LLC Regarding Compliance
Plan and Listing Standards
BOTHELL, Wash., Nov. 30 /PRNewswire-FirstCall/ -- SCOLR Pharma, Inc. (NYSE
Amex: DDD) announced today that on November 25, 2009, the NYSE Amex LLC (the
"Exchange") notified the Company that it had accepted the Company's plan to
comply with its previously disclosed listing deficiency under Section
1003(a)(iv) of the Exchange Company Guide. Specifically, the deficiency
notice stated that the Company sustained losses which were so substantial in
relation to its overall operations or its existing financial resources, or its
financial condition had become so impaired that it appeared questionable, in
the opinion of the Exchange, as to whether the Company would be able to
continue operations or meet its obligations as they mature. In accordance
with applicable Exchange requirements, the Company submitted a plan of
compliance to the Exchange on October 15, 2009 (with subsequent updates)
setting forth the actions it has taken or would take to bring the Company into
compliance with the standard set forth in Section 1003(a)(iv) of the Exchange
Company Guide by March 15, 2010.
The Company also reported that on November 23, 2009, it received a notice from
the Exchange that the Company is not in compliance with the additional
continued listing standard of Section 1003(a)(ii) of the Exchange Company
Guide which requires stockholders' equity of $4,000,000 for companies with
losses from continuing operations in three of its last four fiscal years. The
Exchange had previously notified the Company that it was not in compliance
with Section 1003(a)(iii) which requires stockholders' equity of $6 million
for companies with losses from continuing operations and net losses in its
five most recent fiscal years. On September 15, 2009, the Exchange notified
the Company that it had accepted the Company's compliance plan and granted the
Company an extension until December 27, 2010 to regain compliance with Section
1003(a)(iii) of the Company Guide. Due to the higher stockholders' equity
requirement incorporated into the previously accepted plan for compliance with
Section 1003(a)(iii) of the Company Guide, the Company is not required to
submit an additional plan of compliance in connection with the deficiency
relating to the $4,000,000 stockholders' equity standard of Section
1003(a)(ii) of the Company Guide.
As a result, and subject to the requirements discussed below, the Company's
listing on the Exchange will be continued pursuant to extension to enable the
Company to regain compliance with Section 1003(a)(iv) of the Company Guide by
March 15, 2010 and with Sections 1003(a)(ii) and 1003(iii) of the Company
Guide by December 27, 2010. The Company will be required to provide the
Exchange staff with updates in connection with the initiatives of the plan of
compliance at least quarterly or upon the Exchange's request and the Exchange
staff will review the Company periodically for compliance with the plan during
the extension periods. Failure to make progress consistent with the plan of
compliance or to regain compliance with the continued listing standards by the
end of the applicable extension periods could result in the Company being
delisted from the Exchange. There can be no assurance that the Company will
be able to make progress consistent with its plan to regain compliance with
the Exchange's continued listing standards in a timely manner, or at all.
The Company's stock trading symbol will remain DDD on NYSE Amex; but will
continue to include an indicator (.BC) as an extension to signify
noncompliance with the continued listing standards. The .BC indicator will
remain as an extension on the trading symbol until the Company has regained
compliance with all applicable continued listing standards.
About SCOLR Pharma:
Based in Bothell, Washington, SCOLR Pharma, Inc. is a specialty pharmaceutical
company. SCOLR Pharma's corporate objective is to combine its formulation
expertise and its patented CDT platform to develop novel pharmaceutical,
over-the-counter (OTC), and nutritional products. Our CDT drug delivery
platforms are based on multiple issued and pending patents and other
intellectual property for the programmed release or enhanced performance of
active pharmaceutical ingredients and nutritional products. For more
information on SCOLR Pharma, please call 425.368.1050 or visit
http://www.scolr.com/.
This press release contains forward-looking statements (statements which are
not historical facts) within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve risks and
uncertainties, including activities, events or developments that we expect,
believe or anticipate will or may occur in the future. A number of factors
could cause actual results to differ from those indicated in the
forward-looking statements, including our ability to regain compliance with
NYSE Amex listing standards in accordance with our plan, our ability to
advance development of our potential products and complete research and
development, our ability to raise additional funds or enter strategic
alliances, the continuation of arrangements with our product development
partners and customers, competition, government regulation and approvals, and
general economic conditions. Additional assumptions, risks and uncertainties
are described in detail in our registration statements, reports and other
filings with the Securities and Exchange Commission. Such filings are
available on our website or at www.sec.gov. You are cautioned that such
statements are not guarantees of future performance and that actual results or
developments may differ materially from those set forth in the forward-looking
statements. We undertake no obligation to publicly update or revise
forward-looking statements to reflect subsequent events or circumstances.
Contact:
Investor Relations
SCOLR Pharma, Inc.
(425) 368-1050 ext. 1080
info@scolr.com
SOURCE SCOLR Pharma, Inc.
Investor Relations, SCOLR Pharma, Inc., +1-425-368-1050 ext. 1080,
info@scolr.com
