Advanced Tissue Sciences Announces Receipt of Delisting Notification.Business Editors and Health/Medical Writers BIOWIRE2K LA JOLLA, Calif.--(BUSINESS WIRE)--Oct. 14, 2002 Advanced Tissue Sciences, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATIS ATIS - A Tools Integration Standard ) today announced that the company's securities will be delisted from the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. at the opening of business on October 21, 2002. As a result of the company's Chapter 11 bankruptcy filing on October 10, and in accordance with Marketplace Rules 4330(a)(1) and 4450(f), the NASDAQ has notified the company that it will delist the company's securities from the NASDAQ, subject to the company's right of appeal. The company has determined not to appeal the NASDAQ's decision but will consider, when appropriate, making application to be listed on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . Effective with the opening of trading on October 15, the letter Q will be appended to the company's trading symbol Trading symbol See: Ticker symbol . Background Information Advanced Tissue Sciences is redefining tissue repair and transplantation with human-based products developed and derived from its patented tissue-engineering technology. More information on Advanced Tissue Sciences is available at www.advancedtissue.com. Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. Risks and uncertainties exist in the company's operations, including, without limitation, uncertainties related to the impact of the Chapter 11 filing on the company's operations and prospects, the ability of the company to successfully reorganize, the ability to obtain additional milestones and financing to continue operations, a history of operating losses and accumulated deficits, the company's reliance on collaborative relationships, the outcome of clinical trials, the ability to obtain the appropriate regulatory approvals, the company's ability to develop and successfully commercialize products, market acceptance of products, the company's ability to obtain and retain patent protection, as well as other risks detailed from time to time in publicly available filings with the Securities and Exchange Commission including, without limitation, Advanced Tissue Sciences' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001 and the company's quarterly reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31, 2002 and June 30, 2002. The company undertakes no obligation to release publicly the results of any revision to these forward-looking statements to reflect events or circumstances arising after the date hereof. This caution is made under the safe harbor provisions of 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. |
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