Introgen Announces the Transfer of its Listing of Common Stock from
the Nasdaq Global Market to the Nasdaq Capital Market
Introgen Therapeutics, Inc. (NASDAQ:INGN), today announced that it has
received notice from the Nasdaq Hearings Panel (the "Panel”) that the
listing of the company's common stock will be transferred from The
Nasdaq Global Market to The Nasdaq Capital Market effective with the
opening of trading on November 19, 2008. The company’s shares will
continue to be listed on that market provided that Introgen can
demonstrate compliance with all listing requirements of the Nasdaq
Capital Market by March 3, 2009. The company's shares will continue to
trade under the ticker "INGN."
The Nasdaq Capital Market is one of the three market tier designations
for Nasdaq-listed stocks and it operates in substantially the same
manner as The Nasdaq Global Market, provided, however that in some
cases, it has different continued listing requirements. Securities
listed on The Nasdaq Capital Market must satisfy all applicable
qualification and continued listing requirements for Nasdaq securities,
and companies listed on The Nasdaq Capital Market must meet certain
financial requirements and adhere to Nasdaq's corporate governance
standards.
The listing transfer is in response to correspondence from the Nasdaq
Stock Market, Inc. which, as previously announced, notified the company
that it was not in compliance with certain of the continued listing
requirements for the Nasdaq Global Market.
ABOUT INTROGEN
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on
the discovery, development and commercialization of targeted molecular
therapies for the treatment of cancer and other diseases. Introgen is
developing molecular therapeutics, immunotherapies, vaccines and
nano-particle tumor suppressor therapies to treat a wide range of
cancers using tumor suppressors, cytokines and genes. Introgen maintains
integrated research, development, manufacturing, clinical and regulatory
departments and operates multiple manufacturing facilities including a
commercial scale cGMP manufacturing facility. In June 2008, Introgen
submitted a BLA to the FDA requesting marketing approval for ADVEXIN p53
therapy to treat recurrent, refractory head and neck cancer.
Simultaneously, Gendux Molecular Limited, an Introgen subsidiary,
submitted a MAA to the EMEA for the same indication. The EMEA accepted
Introgen's MAA for review. The FDA has declined to file Introgen's BLA
at this time, and Introgen plans to appeal such refusal. ADVEXIN
represents the first of a new class of tumor suppressor cancer therapy
and is the first of its kind to be submitted for regulatory approval in
the United States and Europe.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical may be
"forward-looking" statements, including those relating to the continued
listing of Introgen’s shares of common stock with the Nasdaq Stock
market or Introgen's ability satisfy the continued listing requirements
of the Nasdaq Capital Market. The actual results may differ from those
described in this release due to uncertainties in the Nasdaq delisting
process and the discretionary nature of the Panel’s decisions. The
actual results may differ from those described in this release due to
the risks and uncertainties that exist in Introgen's operations and
business environment, including Introgen's stage of product development
and the limited experience in the development of gene-based drugs in
general, dependence upon proprietary technology and the current
competitive environment, history of operating losses and accumulated
deficits, reliance on collaborative relationships, and uncertainties
related to clinical trials, the safety and efficacy of Introgen's
product candidates, the ability to obtain the appropriate regulatory
approvals, Introgen's patent protection and market acceptance, as well
as other risks detailed from time to time in Introgen's filings with the
Securities and Exchange Commission including its filings on Form 10-K
and Form 10-Q. Introgen undertakes no obligation to publicly release the
results of any revisions to any forward-looking statements that reflect
events or circumstances arising after the date hereof.
