AMERICAN BIOGENETIC SCIENCES VOLUNTARILY DELISTS FROM NASDAQ AND INTENDS TO APPLY TO THE OTC BULLETIN BOARD

Copiague, New York, January 9, 2002 ‚ American Biogenetic Sciences, Inc. (ABS or Company) (Symbol:MABA) has decided to voluntarily delist the Company's common stock from quotation on the Nasdaq SmallCap Market. The voluntary delisting of the stock was effective at the close of business on January 8, 2002. The trading halt imposed by Nasdaq on the Company's common stock since November 26, 2001 is no longer applicable.

ABS intends to have an application for quotation of its common stock filed with the NASD's OTC Bulletin Board (OTCBB) by an NASD member firm, as soon as possible. There can be no assurance that a NASD member firm will file such application or that the Companyís common stock will be accepted for quotation and trading on the OTCBB or the Pink Sheets.

American Biogenetic Sciences, Inc., based in Copiague, NY, is a development stage company engaged in researching and developing diagnostic tests for cardiopulmonary conditions and treatments for neurological disorders, including epilepsy, migraine, mania, and Alzheimer's disease. As a developer of biogenetic technologies and compounds, ABS to date has been issued over 75 patents, both US and foreign, and there are over 100 patents pending.

Note Regarding Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the willingness of broker/dealers to trade or make a market in the Companyís common stock and the approval by the OTC Bulletin Board of the common stock for quotation in the OTC Bulletin Board or in the Pink Sheets, the general condition of the economy; and other risks detailed in the Company's Securities and Exchange Commission (SEC) filings. In addition, a discussion of the risks and uncertainties related to the Company's other areas of business are detailed in the Company's SEC filings, including its annual report or Form 10-K. The words "intend," "expect," "anticipate," and "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

For a complete analysis of the ABS’ pipeline go to: /research.html.