Sep. 22, 2009 (Filing Services Canada) -- Orbus Pharma Inc. (ORB - TSX), (Orbus) announces the TSX is extending its review of the common shares of the Company with respect to meeting the continued listing requirements of the TSX for 60 days. The Company was initially notified on February 4, 2009 that it was being reviewed under the Remedial Review Process and was granted 210 days to comply with all requirements for continued listing. Orbus made submissions on its ability to meet the requirements for continued listing. As a result, the Company has been granted 60 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process. If Orbus is unable to meet the requirements by November 20, 2009, the Company's common shares will be delisted 30 days from such date.
The TSX requires a minimum market value of listed securities of three million dollars and a market value of publicly held securities of two million dollars for 30 consecutive days over the next 60 days to comply with the requirements for continued listing. In addition, the TSX will be evaluating the financial condition and/or operating results of the company with respect to criteria established in the TSX Company Manual.
As previously announced the Company is reviewing strategic alternatives including the possible sale of the Company, or its assets, or other business combinations or the possible recapitalization of the Company. Orbus has engaged VelocityHealth Securities, Inc. (VHS), a specialty investment bank focused on the health care sector and headquartered in Nashville, Tennessee, USA, to provide financial advisory and investment banking services in connection with the strategic review.
The Company continues to operate in a normal course and is currently pursuing the development and manufacturing plans and objectives in its' Budget.
Orbus Pharma Inc., headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical manufacturing. For more information, please visit www.orbus.ca.
Forward looking statements
Certain statements in this disclosure are "forward-looking statements", which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
For more information contact:
Greg W. Muir
Interim President and C.E.O.
905-943-9444 ext. 222
Email gmuir@orbus.ca
20 Konrad Crescent, Markham, Ontario, L3R 8T4
Telephone 905-943-9444, Fax 905-943-9878, Web: www.orbus.ca
Source: Orbus Pharma Inc. (TSX: ORB) http://www.orbus.ca
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