VACAVILLE, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Large Scale Biology Corporation announced that, as a result of a lack of cash and liquid assets, it is ceasing its operations in the ordinary course effective on December 23, 2005. LSBC is notifying all of its employees that it is not able to continue to fund payroll and that, as a result, their employment will terminate on Friday, December 23, 2005.
“Despite our efforts to generate revenue, obtain debt and equity funding, and sell or license selected assets at reasonable prices, our revenue and liquid assets are not sufficient to sustain our current operations,” said Kevin J. Ryan, President and Chief Executive Officer of the Company. Added Ryan, “We are taking steps to preserve our assets for the benefit of our creditors and stockholders.” “Our ongoing discussions with potential acquirers and licensees, for significant product collaborations and for partnering initiatives have not ripened in time to provide cash for current operations or to meet Nasdaq Capital Market continuing listing requirements,” said Ronald J. Artale, the Company’s Chief Operating Officer and Chief Financial Officer. “These discussions continue, and the Company is actively exploring alternatives.”
Trading of Large Scale Biology Corporation’s stock on the Nasdaq Capital Market was halted pending this announcement. The Company will not appeal the Nasdaq Stock Market’s determination to delist the Company’s stock from the Nasdaq Capital Market at the opening of business on December 27, 2005. Accordingly, the Company’s stock will cease trading on the Nasdaq Capital Market at the end of the trading day tomorrow, Friday, December 23, 2005.
CONTACT: Ronald J. Artale, Chief Operating Officer and Chief Financial Officer of Large Scale Biology Corporation, +1-707-446-5501, ext. 320
Large Scale Biology Corporation
CONTACT: Ronald J. Artale, Chief Operating Officer and Chief FinancialOfficer of Large Scale Biology Corporation, +1-707-446-5501, ext. 320
Web site: http://www.lsbc.com/
