NEW HAVEN, Conn., April 15 /PRNewswire-FirstCall/ -- Vion Pharmaceuticals,Inc. (Nasdaq: VION) today announced that it had filed a plan to achieve andsustain compliance with The Nasdaq Capital Market listing requirements,including the time frame for completion of the plan.
Previously, the Company announced that it had received a letter, datedMarch 24, 2008, from The Nasdaq Stock Market, Inc., notifying the Company thatit does not comply with Marketplace Rule 4310(c )(3). As a result, NasdaqStaff is reviewing the Company's plan to regain eligibility for continuedlisting on The Nasdaq Capital Market.
After the conclusion of Staff's review, if it is determined that theCompany's plan does not adequately address the issues noted, Nasdaq willprovide written notification that the Company's securities will be delisted.At that time, the Company may appeal the Staff's decision to a Nasdaq ListingQualifications Panel.
Vion Pharmaceuticals, Inc. is committed to extending the lives andimproving the quality of life of cancer patients worldwide by developing andcommercializing innovative cancer therapeutics. Vion has two agents inclinical trials. Cloretazine(R) (VNP40101M), a unique alkylating agent, isbeing evaluated in a Phase II pivotal trial as a single agent in elderlypatients with previously untreated de novo poor-risk acute myelogenousleukemia. Clinical trials of Cloretazine(R) (VNP40101M) with temozolomide inbrain tumors, and with stem cell transplantation in advanced hematologicmalignancies, are also being conducted. Triapine(R), a potent inhibitor of akey step in DNA synthesis, is being evaluated in clinical trials sponsored bythe National Cancer Institute. For additional information on Vion and itsproduct development programs, visit the Company's Internet web site atwww.vionpharm.com.
This news release contains forward-looking statements. Such statements aresubject to certain risk factors which may cause Vion's plans to differ orresults to vary from those expected, including Vion's potential inability toobtain regulatory approval for its products, particularly Cloretazine(R)(VNP40101M), delayed or unfavorable results of drug trials, the possibilitythat favorable results of earlier preclinical studies or clinical trials arenot predictive of safety and efficacy results in later clinical trials, theneed for additional research and testing, the potential inability to secureexternal sources of funding to continue operations, the inability to accesscapital and funding on favorable terms, continued operating losses and theinability to continue operations as a result, and a variety of other risks setforth from time to time in Vion's filings with the Securities and ExchangeCommission, including but not limited to the risks attendant to the forward-looking statements included under Item 1A, 'Risk Factors' in Vion's Form 10-Kfor the year ended December 31, 2007. In particular, there can be no assuranceas to the results of any of the Vion's clinical trials, that any of thesetrials will continue to full accrual, or that any of these trials will not bediscontinued, modified, delayed or ceased altogether. Except in specialcircumstances in which a duty to update arises under law when prior disclosurebecomes materially misleading in light of subsequent events, Vion does notintend to update any of these forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events.
COMPANY CONTACT: Vion Pharmaceuticals, Inc. Alan Kessman, Chief Executive Officer Howard B. Johnson, President & CFO (203) 498-4210
SOURCE Vion Pharmaceuticals, Inc.
