TUSTIN, Calif., May 25 /PRNewswire-FirstCall/ -- AMDL, Inc. , developer and marketer of tests for the early detection of cancer and other serious diseases, today reported that It has submitted to the American Stock Exchange (AMEX) a plan that brings the Company into compliance with the AMEX Company Continued Listing Standards.
Highlights of an overview letter sent by Gary L. Dreher, CEO, to the AMEX include:
* The recently announced planned acquisition of Jade Pharmaceutical Inc. and its two Chinese subsidiaries will increase AMDL’s net worth by an unaudited pro forma basis as of December 31, 2005 of $6,186,582. AMEX had said that AMDL did not meet the $4,000,000 stockholders’ equity requirement with an audited net worth in December 2005 of $3,181,841. Additionally, in April AMDL completed a Regulation S and Regulation D private offering generating net proceeds of approximately $1.5 million.
* The preliminary proxy statement seeking shareholder approval of the acquisition is intended to be filed with the U.S. Securities & Exchange Commission around June 1, 2006. It is expected that the Jade acquisition will close within one business day after a meeting of AMDL’s shareholders.
* AMDL intends to submit new data to the U.S. Food & Drug Administration for support of its application for clearance to market DR-70(R) under certain conditions in the U.S.
“In our submission to AMEX, we believe we have made a reasonable demonstration of AMDL’s ability to come back into full compliance with AMEX’s Continued Listing Standards within 18 months from the date of AMEX’s initial notification to AMDL. Our plan is expected to increase shareholder equity through the completion of prospective acquisitions and detail our further efforts on gaining U.S. regulatory clearance to market DR-70 in the United States. AMDL’s plan will meet or exceed AMEX’s elevated standards for continued listing. During the period of implementation of the plan, AMDL will continue to be listed on the AMEX.” Mr. Dreher said.
About AMDL
AMDL, Inc. , headquartered in Tustin, California, is a theranostics company, involved in the detection and treatment of the same disease, cancer. AMDL is the inventor, developer and worldwide marketer through exclusive distribution agreements of the DR-70(R) non-invasive cancer blood test, which has demonstrated its ability to detect the presence in humans of up to 13 cancers 84 percent of the time overall. In a study published in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R) was shown to detect at least 13 different types of cancer (lung, breast, stomach, liver, colon, rectal, ovarian, esophageal, cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic) although the sample size for 9 of the cancers was not statistically significant. Clinical trials of DR-70(R) have been conducted in Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many kinds of cancer using a single tube of blood, eliminating the need for costly, multiple tests. AMDL also owns a combination immunogene therapy technology that is a possible treatment for those already diagnosed with cancer and could eventually be used as a vaccine to protect patients known to be at risk because of a family history for certain types of cancer. The combination therapy both builds the body’s immune system and destroys cancer cells. More information about AMDL and its additional products can be obtained at www.amdl.com.
Forward-Looking Statements
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
Contact: AMDL, Inc. Gary L. Dreher President & CEO (714) 505-4460
AMDL, Inc.
CONTACT: Gary L. Dreher, President & CEO of AMDL, Inc., +1-714-505-4460
Web site: http://www.amdl.com/
