SAN FRANCISCO, Jan. 12, 2016 /PRNewswire/ -- KaloBios
Pharmaceuticals, Inc. (Nasdaq: KBIO) (the "Company"), today
announced that it has decided to withdraw its appeal of
the decision by the Nasdaq listing qualifications staff to delist
the Company's securities from the Nasdaq stock exchange.
As previously reported, the Company had requested a hearing to
appeal the delisting determination, which hearing was scheduled to
take place on February 25,
2016. The Company has been the subject of Nasdaq delisting
proceedings since November 17,
2015. The Company's new board of directors has determined
that pursuit of the appeal while the Company is not in compliance
with the Nasdaq listing standards would require diversion of
Company resources that could be better spent pursuing the Company's
business plan and reorganization. Accordingly, on
January 12, 2016, the Company
notified Nasdaq of its withdraw of the appeal.
Nasdaq has announced that the Company's common stock will
be suspended from Nasdaq on Wednesday,
January 13, 2016. At that time the Company's common
stock will be eligible for trading in over-the-counter markets.
Forward-Looking Statements
This release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect
management's current knowledge, assumptions, judgment and
expectations regarding future performance or events. Although
management believes that the expectations reflected in such
statements are reasonable, they give no assurance that such
expectations will prove to be correct and you should be aware that
actual results could differ materially from those contained in the
forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties including, but not limited
to, Bankruptcy Court approval for the Company to continue its
operations; the Company's ability to manage expenses and fund its
working capital needs during the Chapter 11 process; the Company's
ability to manage its relationships with its creditors, vendors,
and customers during the Chapter 11 process; the company's ability
to limited cash reserves and its ability to obtain additional
capital on acceptable terms, or at all, including the additional
capital which will be necessary to complete the clinical trials
that the company has initiated or plans to initiate; the potential
timing and outcomes of clinical studies of lenzilumab undertaken
now or in the future; the ability of the company to timely source
adequate supply of its development products from third party
manufacturers on whom the company depends; the potential, if any,
for future development of any of its present or future products;
the company's ability to successfully progress, partner or complete
further development of its programs; the uncertainties inherent in
clinical testing; the timing, cost and uncertainty of obtaining
regulatory approvals; the company's ability to protect the
company's intellectual property; competition; changes in the
regulatory landscape or the imposition of regulations that affect
the company's products; and other factors listed under "Risk
Factors" in the company's most recent quarterly report on Form 10-Q
filed with the Securities and Exchange Commission on August 10, 2015, the Annual Report on Form 10-K
filed on March 16, 2015, and the
company's other filings with the Securities and Exchange
Commission.
All forward-looking statements are expressly qualified in
their entirety by this cautionary notice. You are cautioned not to
place undue reliance on any forward-looking statements, which speak
only as of the date of this release. The company has no obligation,
and expressly disclaims any obligation to update, revise or correct
any of the forward-looking statements, whether as a result of new
information, future events or otherwise.
For more information, visit http://www.kalobios.com.
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SOURCE KaloBios Pharmaceuticals, Inc.