NASDAQ AGREES TO REVIEW LISTING STATUS FOR AMERICAN
BIOGENETIC SCIENCES, INC.
Company Seeks Reinstatement To NASDAQ SmallCap
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
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.