As expected, Radient Pharmaceuticals granted favorable decision

By Staff and Wire Reports

Thursday, 21 April 2011 08:17

Radient Pharmaceuticals Corporation (AMEX:RPC) announced today that a Listing Qualifications Panel of the NYSE Amex Committee on Securities has issued a favorable decision and granted RPC's request for continued listing on the NYSE Amex Exchange . This decision followed RPC's hearing before the Panel on April 14, 2011.

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As a threshold matter, prior to the granting of the extension, RPC was required to satisfactorily address at the hearing the concerns raised by the Staff of NYSE Regulation, Inc. that RPC had overstated the scope of its collaboration agreement with Mayo Validation Support Services.

Pursuant to the Panel's decision, on or before June 23, 2011, the Company is required to demonstrate compliance with all applicable requirements for continued listing and, in particular, must complete the following actions: file its Annual Report on Form 10-K with the Securities and Exchange Commission; hold its planned stockholders' meeting at which directors will be elected; and, complete its plans for raising additional equity capital, thereby demonstrating its compliance with the Exchange's stockholders' equity requirement of $6 million and the lack of any financial impairment.

A special report with more details about what transpired at the meeting with the Listing Qualifications Panel of the NYSE Amex Committee on Securities will follow. In the meantime, we invite you to read the special report issued to our premium subscribers on Wednesday.

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