Introgen Therapeutics, Inc. (NASDAQ:INGN), a developer of targeted
molecular therapies for cancer, announced today that it has received a
letter from the Nasdaq Listing Qualifications Panel (the "Panel”)
stating that it has reached a decision to delist the shares of Introgen
from the Nasdaq Stock Market and to suspend trading effective at the
open of trading on Tuesday, December 9, 2008.
As previously announced on November 17, 2008, Introgen received a letter
from the Panel indicating that shares of Introgen common stock would be
transferred from the Nasdaq Global Market to the Nasdaq Capital Market,
and that such listing would continue provided that Introgen demonstrated
compliance with all continued listing requirements of the Nasdaq Capital
Market by March 3, 2009.
On December 4, 2008, Introgen notified the Panel that as a result of the
company’s bankruptcy filing, Introgen expects that it will be unable to
establish compliance with the continued listing requirements of the
Nasdaq Capital Market on or before March 3, 2009. The December 5, 2008
letter from the Panel indicated that in light of the company’s filing
for protection under Chapter 11 of the U.S. Bankruptcy Code, and
Introgen’s expectation that it will not meet the continued listing
standards by March 3, 2009, the Panel has no basis for the continuing
listing of Introgen’s shares.
Introgen does not expect to appeal the Panel’s determination and
therefore expects that its shares of common stock will be delisted
effective at the open of trading on Tuesday, December 9, 2008. As a
result, the company expects that there will be a very limited market, or
no market at all, in which its securities are traded, and as a result,
its stockholders will likely find it difficult to sell their shares of
Introgen’s common stock.
For additional information regarding Introgen’s recent bankruptcy filing
and the delisting of the company’s common stock, please refer to the
Frequently Asked Questions found at http://brownmccarroll.com/introgen.
The information set forth on the foregoing website shall not be deemed
to be part of or incorporated by reference into any of Introgen’s
reports filed pursuant to the Securities Exchange Act of 1934, as
amended. This website will be periodically updated as events occur.
ABOUT INTROGEN AND INTROGEN TECHNICAL
SERVICES (ITS)
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on
the use of naturally occurring tumor suppressors to fight cancer.
Introgen Technical Services (ITS) is a wholly owned subsidiary of
Introgen, which provides its customers with flexible, scalable Good
Manufacturing Practices (GMP) production capabilities, including the
skills needed to convert early stage, lab-grade production into robust
and scalable therapeutic product classes, suitable for clinical studies
and commercial use. Under licenses from Introgen, ITS has access to
intellectual properties, including patents, proprietary quality and
validation systems, and broad GMP knowledge systems. ITS operates
Introgen’s current facilities, which house its process, scale-up,
production and fill/finish capabilities.
For more information about Introgen, please visit www.introgen.com.
For more information about ITS, please visit www.its-gmp.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical may be
"forward-looking” statements, including those relating to Introgen’s
ability to emerge from bankruptcy, restructure its debts, continue
operations, to succeed with its manufacturing business, or to complete
any strategic transaction. 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.