Marc Pharmaceuticals reports fewer than 300 shareholders, goes private

By Elaine Rigoli

Tampa, Fla., March 29 - Marc Pharmaceuticals, Inc. announced that it has applied to voluntarily deregister its common stock, class A warrants and class B warrants in a form 15 filing with the Securities and Exchange Commission because it has fewer than 300 holders of record.

The company will cease being a reporting company.

Marc said it expects the deregistration will become effective 90 days after filing the form 15.

The stock and warrants will no longer be eligible for trading on the Over-the-Counter Bulletin Board, the company said in a news release.

However, the company said it expects that its common stock, class A warrants and class B warrants will be quoted on the Pink Sheets instead.

"In light of the dramatically increasing costs associated with being a public company, including compliance and administration burdens, our board agrees that deregistering will result in significant expense reductions," president and chief executive officer Robert M. Cohen said in the release.

"Rather than using a great deal of our limited cash for accounting, legal and administrative expenses, this will enable management to focus more of its time and resources on the science initiatives to which the company is dedicated. We believe this in the long run should enhance the company's value for all of our shareholders. We also hope at some point to be able to resume being a reporting company if resources permit."

Marc, located in Stamford, Conn., develops products to alleviate the suffering associated with debilitating and life-threatening diseases.

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