Copiague, New York, January 7, 2000 - American Biogenetic Sciences, Inc. (ABS) (formerly NASDAQ:MABAC; to become OTCBB:MABAC) announced today that The Nasdaq Stock Market, Inc. has denied ABS' December 31, 1999 request that ABS's Class A Common Stock continue to be listed on The Nasdaq SmallCap Market via an exception from the minimum bid price and net tangible assets requirements. The Company had previously requested an additional 60 days in order to give it time to complete two transactions which should enable it to meet the listing requirements. The Nasdaq Stock Market, Inc. informed the Company on January 6, 2000 that its Class A Common Stock was delisted from the Nasdaq SmallCap Market System effective at the close of business January 6, 2000. The Company is planning to request that the Nasdaq Hearing and Review Council review this decision.
In the meantime, the Company's Class A Common Stock will be traded the OTC-Bulletin Board commencing on January 7, 2000, under the symbol MABAC.
American Biogenetic Sciences, based in Copiague, New York, researches and develops diagnostic tests for cardiac conditions and infectious diseases, as well as new treatments for neurological disorders including epilepsy, migraine, mania, Parkinson's and Alzheimer's disease. ABS also seeks out new technologies and conducts research and development through its Global Scientific Network in the U.S., Europe, Israel, Russia and China.
Statements in this release that are not strictly historical are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and should be considered as subject to various risks and uncertainties that could cause actual results to differ materially from those anticipated. For further details and a discussion of these risks and uncertainties, see the Company's Securities and Exchange Commission filings, including its annual report or Form 10-K.