Accentia Biopharmaceuticals, Inc. (NASDAQ:ABPI) announced today that it
will present at the Rodman & Renshaw 10th
Annual Healthcare Conference on November 11, 2008 at 10:20 a.m. (EDT) at
the New York Palace Hotel in New York City. The Company’s
presentation will focus on its BiovaxID®
personalized anti-cancer vaccine. Accentia’s
majority-owned subsidiary, Biovest International, Inc. (OTCBB:BVTI),
recently reported encouraging BiovaxID Phase 3 clinical trial results
for the treatment of non-Hodgkin’s lymphoma,
and the Company is now progressing with plans to seek approvals in the
U.S., Europe and other international countries.
If qualified investors are interested in meeting with Accentia’s
President and Chief Operating Officer, Dr. Steven R. Arikian, at the
Conference, please contact Douglas Calder at 813-864-2558 or at dwcalder@accentia.net.
In other news, Accentia reported that it received notice from the NASDAQ
Stock Market dated October 24, 2008, notifying the Company that it is
not in compliance with Rule 4310(c)(3)(B), requiring a minimum $35
million market value. As a result, the Company’s
common stock is subject to delisting from the NASDAQ Capital Market at
the opening of business on November 4, 2008, unless Accentia requests a
hearing by October 31, 2008, in accordance with the NASDAQ marketplace
rules.
Accentia has the option to request an appeal hearing by October 31,
2008, with the NASDAQ Listing Qualifications Panel to review the
delisting determination. If requested, the hearing date will be
determined by NASDAQ and should occur within 45 calendar days from the
request for the hearing. A request for a hearing is expected to "stay"
the delisting of the Company’s common stock
pending the Panel’s decision. At the hearing,
the Company will be required to address the minimum $35 million market
value rule in addition to the $1 minimum bid price rule, and the Company
must provide NASDAQ with a plan to regain compliance. There can be no
assurance the Panel will grant the Company’s
request for continued listing.
Furthermore, on August 13, 2008, NASDAQ notified Accentia that its bid
price of its common stock had closed below the minimum $1.00 per share
requirement for 30 consecutive trading days and was provided 180
calendar days, or until February 9, 2009, to regain compliance. However,
on October 22, 2008, NASDAQ notified the Company that, due to the recent
market conditions, NASDAQ has determined to suspend enforcement of the
bid price requirement through January 16, 2009 and reinstate that rule
on January 19, 2009.
