Biotech company iBio (AMEX:IBIO) said Wednesday it has submitted its plan for review to meet requirements for continued listing on the AMEX Exchange.
The company, maker of vaccines and therapeutic proteins, said that it is awaiting a response from the Exchange’s Compliance Department.
As previously announced, the Exchange raised some concerns about the company not being compliant with section 1003(a)(iv).
That section applies to a company whose financial condition has become impaired and it appears questionable whether the company is able to continue operations or meet its obligations as they mature.
iBio believes it can provide the Exchange with a satisfactory plan to show that it will be able to return to compliance by January 25, 2012.
The securities operator will assess the plan and make a decision as to whether the company has shown its ability to regain compliance with continued listing standards within a specified time frame.
If the plan is approved, iBio will be subject to a periodic review to see whether progress is being made that is consistent with the plan.
However, if the plan fails to show compliance with the listing requirements, the securities operator will initiate delisting proceedings.
On that note, iBio could file an appeal to any delisting action until the securities panel comes to a decision following a hearing, which takes about 45 days.
The company’s proprietary iBioLaunch platform is a transformative technology for development and production of biologics using transient gene expression in unmodified green plants. Advantages over other systems include the rapid development and production time measured in weeks, instead of months or more.