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NeoTherapeutics Provides Update on Nasdaq Listing Status

September 30, 2002 at 12:00 AM EDT
NeoTherapeutics Provides Update on Nasdaq Listing StatusMonday September 30, 7:52 pm ET

IRVINE, Calif., Sept. 30 /PRNewswire-FirstCall/ -- NeoTherapeutics, Inc. (Nasdaq: NEOTD) has filed an application for listing on the Nasdaq small cap exchange. The Company has been notified by Nasdaq that it has regained compliance with Nasdaq's minimum bid price per share ($1.00) for continued listing on the Nasdaq National Market. However, the Company does not currently meet the minimum stockholders' equity requirement for continued National Market System (NMS) listing. The Company is hopeful that it will regain compliance under the stockholders' equity requirement, and has filed the small cap application in the event that it does not.

NeoTherapeutics seeks to create value for shareholders through the development of in-licensed drugs for the treatment and supportive care of cancer patients. The Company's lead drug, Satraplatin, is a phase 3 oral, anti-cancer drug. Elsamitrucin, a phase 2 drug, will initially target non-Hodgkin's lymphoma. Neoquin™ is being studied in the treatment of superficial bladder cancer, and may have applications as a radiation sensitizer. The Company also has a pipeline of pre-clinical neurological drug candidates for disorders such as attention-deficit hyperactivity disorder, schizophrenia, mild cognitive impairment and pain, which it is actively seeking to out-license or co-develop. For additional information visit the Company's web site at http://www.neot.com.

This press release may contain forward-looking statements regarding future events and the future performance of NeoTherapeutics that involve risks and uncertainties that could cause actual results to differ materially. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission.


Contact:
John McManus
NeoTherapeutics, Inc.
(949) 788-6700, ext. 247