AXM Pharma faces American Stock Exchange delisting

By Elaine Rigoli

Tampa, Fla., June 2 - AXM Pharma, Inc. has received a letter from the American Stock Exchange stating that a listing qualifications panel has reviewed and approved the Amex staff's determination to delist the company's common stock.

Accordingly, Amex intends to suspend trading in the company's common stock as soon as practicable and will proceed with the filing of an application with the Securities and Exchange Commission to strike the company's common stock from listing on the Amex.

According to a news release, the panel agreed with the staff's analysis that the company has sustained substantial losses. The panel also cited the company's failure to have sufficient stockholders' equity in light of its sustained losses from continuing operations.

In the event the common stock is delisted, the company said it intends to pursue a listing on the Over-The-Counter Bulletin Board.

Located in City of Industry, Calif., AXM Pharma, 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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