NEWARK, Del., April 22, 2013 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) announced today that the Company has received notice from NYSE MKT (the "Exchange") that, based on a review of the Company's quarterly report on Form 10-Q for the period ended December 31, 2012, the Exchange Staff has concluded that the Company is not in compliance with Section 1003(a)(iv) of the Exchange Company Guide. This criterion applies if a listed company has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.
As previously announced, the Exchange Staff notified the Company in February 2013 and November 2012 that it is not in compliance with the Exchange's continued listing criteria set forth in Section 1003(a)(ii) and Section 1003(a)(iii) of the Exchange Company Guide. These listing criteria apply if a listed company has stockholders' equity of less than $4,000,000 and net losses in three of its four most recent years and stockholders' equity of less than $6,000,000 and net losses in its five most recent years, respectively. In response to these prior notices, the Company submitted, and the Exchange subsequently accepted a plan of compliance which is intended to restore the Company's compliance with the criteria in Sections 1003(a)(ii) and Section (a)(iii) on or before October 14, 2013.
In response to the current notice, the Company has been afforded the opportunity to submit a updated plan of compliance to the Exchange by May 6, 2013, that demonstrates the Company's ability to regain compliance with Section 1003(a)(iv) of the Company Guide by July 15, 2013.If the updated plan of compliance is not accepted by the Exchange, the Company would receive a delisting notice from the Exchange Staff; however, the Company would be afforded the opportunity to request a hearing before an independent Listing Qualifications Panel (the "Panel"). The Company would remain listed pending the conclusion of the hearing process and the expiration of any extension granted by the Panel.