Press Releases


Company Seeks Reinstatement To NASDAQ SmallCap Market

Copiague, New York, February 17, 2000 - American Biogenetic Sciences, Inc. (ABS) (OTCBB:MABA) has confirmed that its request to the Nasdaq Hearing and Review Council to review the January 6, 2000 decision of the Nasdaq Qualifications Panel delisting ABS's common stock from the Nasdaq SmallCap Market has been granted. The Company is currently traded on the OTC Bulletin Board under the symbol MABA.

The Nasdaq Qualifications Panel, in explaining its decisions to deny the Company request for additional time to come into compliance with the minimum bid and net tangible asset requirements for continued listing on the SmallCap Market and to delist ABS, stated that the Company had failed to provide adequate assurances that agreements the Company was working on would be consummated in the near future. Since that decision, ABS has closed a major licensing transaction with Abbott Laboratories (NYSE:ABT) and obtained an investment from the Biotechnology Value Fund, L.P.

"It was a matter of confidence," said John S. North, President and CEO of ABS. "We knew ABS could close the agreements and we believe the requirements of Nasdaq have been satisfied as to net tangible assets position and bid price for SmallCap Market listing. Accordingly, ABS believes that its listing should be reinstated."

The Company has until May 1, 2000, to submit additional information. The Review Council will likely issue its decision after its meeting in June.

American Biogenetic Sciences, Inc. based in Copiague, N.Y., researches and develops diagnostics tests for cardio-pulmonary conditions and infectious diseases, as well as new treatments for neurological disorders including epilepsy, migraine, mania, Parkinson's disease and Alzheimer's disease. ABS also seeks out new technologies and conducts research and development through its Global Scientific Network in the United States, 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, including the risks that the Review Council will not act favorably upon the company's request and that ABS will cease to meet the net tangible asset and minimum bid requirements. For further details and a discussion of these risks and uncertainties, see the companies' Securities and Exchange Commission filings including their annual report or Form 10-K.