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news.New Jersey-based Palatin Technologies, a developer of peptide, peptide mimetic and small molecule agonists with a focus on melanocortin and natriuretic peptide receptor systems, has reported that the NYSE Amex has accepted its exchange listing compliance plan.
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Palatin has been granted an extension until 26 May 2011 to regain compliance with stockholders’ equity requirements under Section 1003(a)(iii) of the NYSE Amex Company Guide, and until 28 February 2011 to regain compliance with financial condition continued listing requirements under Section 1003(a)(iv).
The company will be subject to periodic review by NYSE Amex staff during the extension period.
Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension periods could result in Palatin being delisted from the NYSE Amex.
Palatin had submitted a plan for regaining compliance to the NYSE Amex on 23 December 2010 after receiving a notice from NYSE Amex on 23 November, 2010 indicating that it was below certain continued listing requirements.