Press Releases

AMERICAN BIOGENETIC SCIENCES, INC. REINSTATED TO NASDAQ SMALLCAP MARKET

Symbol Will Remain MABA

Copiague, New York, July 11, 2000 - American Biogenetic Sciences, Inc. (ABS) (Nasdaq: MABA, previously OTC Bulletin Board: MABA) announced today that it has received notice that the NASDAQ Listing and Hearing Review Council (Review Council) has reversed the January 7, 2000, decision of the NASDAQ Listing Qualification Panel and, based upon events occurring after the Panel decision, determined that ABS should be afforded listing on the NASDAQ SmallCap Market.

The Company will continue to trade under the symbol MABA. The listing will take effect today, July 11, 2000.

"We believe this decision by the panel is a positive reflection of everything we have accomplished over the past six months," said John S. North, President and CEO of ABS. "In particular our licensing agreement with Abbott Laboratories for ABS-103, a novel neurological compound for the treatment of epilepsy, migraine headaches, and the mania associated with bipolar depression, and our additional funding by the Biotechnology Value Fund bode well for ABS as we continue to pursue our very promising pipeline of diagnostic and therapeutic products. NASDAQ listing is important to us and our shareholders as it provides confidence to the market and global visibility for the Company."

American Biogenetic Sciences, Inc., based in Copiague, N.Y., researches and develops diagnostic 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. 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.

 

 


American Biogenetic Sciences, Inc. 2000