Viragen receives delisting notice from Amex, to submit compliance plan

New York, Sept. 22 - Viragen, Inc. said it has received a letter from the American Stock Exchange notifying it that it is no longer in compliance with the exchange's listing standards.

In response, Viragen said it will submit a plan to the exchange outlining actions designed to bring the company back into line with the listing requirements. Approval of the plan is at the exchange's discretion.

Viragen failed to meet the exchange's standards because it has stockholders' equity of less than $4 million and suffered losses from continuing operations or net losses in three of its four most recent fiscal years and has stockholders' equity of less than $6 million and suffered losses from continuing operations or net losses in its five most recent fiscal years, the company said in an 8-K filing with the Securities and Exchange Commission.

Viragen is a Plantation, Fla., biotechnology company working on proteins for the treatment of viral diseases and cancers.

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