COPIAGUE, N.Y., Feb. 17 -- American Biogenetic Sciences, Inc. (ABS) (Nasdaq: MABXA - news) announced today that the Nasdaq-Amex Market Group has determined that ABS has demonstrated full compliance with continued listing requirements for the Nasdaq National Market.
While ABS has maintained compliance with the Nasdaq continued listing requirements relating to net tangible assets, public float, market value of public float, number of shareholders, number of market makers, and corporate governance requirements, it temporarily fell out of compliance with the requirement for maintaining a $1.00 minimum closing bid price. ABS stock has since regained compliance with the minimum bid requirement and has demonstrated sustained compliance with all other Nasdaq National Market continued listing requirements.
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, Parkinsons and Alzheimer's disease. ABS also seeks out new technologies and conducts research and development throughout 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 Security 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 on Form 10-K.