Aphton delisted from Nasdaq market

By Lisa Kerner

Erie, Pa., Jan. 30 - Aphton Corp. said it received notice on Friday that the Nasdaq Listing Qualifications Panel determined to delist Aphton's securities from The Nasdaq Stock Market.

The delisting is effective with the open of business on Tuesday and is based upon the company's failure to comply with Nasdaq's rules requiring that Aphton maintain a market value of listed securities of at least $35 million or, in the alternative, shareholders' equity of at least $2.5 million.

Also, the company's shares fell below the minimum bid price of $1.00 per share, as required by Nasdaq.

Aphton announced on Nov. 29 that it would request a hearing before the Nasdaq Listing Qualifications Panel to review the Nasdaq Listing Qualifications staff determination to delist the company's securities and to seek continued listing on The Nasdaq Capital Market. The hearing was held on Dec. 22.

Aphton filed a formal request with the Nasdaq panel for reconsideration of the delisting, based upon "certain mistakes of material fact contained in the panel decision."

The panel is expected to rule on the request for reconsideration on or before Feb. 14. The request for reconsideration will not stay the delisting action.

Aphton said it expects its shares to immediately begin trading in the Pink Sheets under the ticker symbol APHT effective Tuesday.

Aphton, based in Philadelphia, is a clinical stage biopharmaceutical company focused on developing targeted immunotherapies for cancer.

Shares of Aphton closed Monday at $0.24 on Nasdaq Capital.

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