AMEX Approves DepoMed's Continued Listing Plan.Business Editors/Health & Medical Writers BIOWIRE2K MENLO PARK, Calif.--(BUSINESS WIRE)--Sept. 20, 2002 DepoMed today announced that on September 17, 2002, the Company received notice from the staff of the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. that the AMEX AMEX See: American Stock Exchange had accepted the Company's plan to regain compliance with AMEX listing standards and had granted the Company an extension until January 2004 to regain compliance with those standards. The Company will be subject to periodic review by the AMEX staff during the extension period. Failure to make progress consistent with the terms of the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the AMEX. As previously disclosed, the AMEX staff notified the Company in June 2002 that the Company has fallen below Section 1003 (a)(i) of the AMEX Company Guide for having sustained losses in two of its three most recent fiscal years and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of less than $2,000,000 and below Section 1003 (a)(ii) of the AMEX Company Guide for having sustained losses in three of its four most recent fiscal years and stockholders' equity of less than $4,000,000. The Company was afforded the opportunity to submit a plan of compliance to the AMEX and presented its plan to the AMEX in July 2002. About DepoMed DepoMed, Inc., a development stage company, is applying its innovative oral drug delivery systems to the development of novel oral products and improved formulations of existing oral drugs. DepoMed's Gastric Retention (GRTM GRTM Gauss Run Time Module ) System is a patented oral drug delivery technology designed specifically for drugs preferentially absorbed high in the gastrointestinal tract gastrointestinal tract n. The part of the digestive system consisting of the stomach, small intestine, and large intestine. Gastrointestinal tract . Using normal physiological processes by which the stomach retains large objects for further digestion, the GR System swells following ingestion ingestion /in·ges·tion/ (-chun) the taking of food, drugs, etc., into the body by mouth. in·ges·tion n. 1. The act of taking food and drink into the body by the mouth. 2. and is retained in the stomach for a number of hours, while it continuously releases the incorporated drug at a controlled rate to absorption sites in the upper intestinal tract. The controlled release of the drug at the preferred absorption site optimizes delivery of the drug during the "therapeutic window," potentially maximizing its therapeutic benefits. In addition to developing products jointly with other companies, DepoMed is developing its own line of proprietary products based on off-patent and over-the-counter drugs. Additional information about DepoMed may be found at the company's web site, www.depomedinc.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the company's ability to regain compliance with AMEX listing standards, the results of research and development efforts, the results of pre-clinical and clinical testing, the effect of regulation by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other agencies, the impact of competitive products, disputes arising from collaborative arrangements, product development, commercialization and technological difficulties, and other risks detailed in DepoMed's Securities and Exchange Commission filings. |
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