Press Releases


Copiague, NY, July 13, 2001 – American Biogenetic Sciences, Inc., (ABS)(NASDAQ:MABA), a developer of innovative diagnostic technologies and novel therapeutics for cardiovascular and neurological diseases, today reported that it has received a Nasdaq Staff Determination letter dated July 11, 2001 indicating that its Class A Common Stock fails to comply with Nasdaq’s minimum bid price requirements for continued listing on the Nasdaq SmallCap Market as set forth in Marketplace Rule 4310(c)(4) and that the Class A Common Stock is, therefore, subject to delisting from the Nasdaq Smallcap Market.

ABS has requested an oral hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination and to request continued listing. The hearing request will defer the delisting of the Class A Common Stock pending the Panel’s decision. However, there can be no assurance that the Panel will grant ABS’ request for continued listing. If the Class A Common Stock is delisted from the Nasdaq SmallCap Market, it would continue to trade on the NASD OTC Bulletin Board.

American Biogenetic Sciences, Inc., based in Copiague, N.Y., researches and develops diagnostic tests for cardio-pulmonary conditions and infectious diseases, as well as for new treatments for neurological disorders including epilepsy, migraine, mania, Parkinson’s disease and Alzheimer’s disease.

Statements in this press 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 risk that its products may not be commercialized. 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 10K.

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