Affymetrix Announces Update Regarding Stock Option Grants
August 17 2006 - 5:00PM
Business Wire
Affymetrix, Inc. (Nasdaq:AFFX) announced it will request a hearing
before the NASDAQ Listing Qualifications Panel (the "Panel") in
response to the receipt of a NASDAQ Staff Determination letter
today indicating that the Company is not in compliance with the
filing requirements for continued listing as set forth in
Marketplace Rule 4310(c)(14). As anticipated, the letter was issued
in accordance with NASDAQ procedures due to the delayed filing of
the Company's Form 10-Q for the quarter ended June 30, 2006.
Pending a decision by the Panel, Affymetrix shares will remain
listed on the NASDAQ Stock Market. On August 9, 2006, the Company
announced that as a result of its previously announced internal
review into historical stock option granting practices, Affymetrix
will restate its financial statements for certain options granted
between 1997 and 1999. As previously announced, the Company expects
to file restated financial statements for the affected periods with
the Securities and Exchange Commission during the current quarter.
About Affymetrix Affymetrix scientists invented the world's first
high-density microarray in 1989 and began selling the first
commercial microarray in 1994. Since then, Affymetrix GeneChip(R)
technology has become the industry standard in molecular biology
research. Affymetrix technology is used by the world's top
pharmaceutical, diagnostic and biotechnology companies as well as
leading academic, government and not-for-profit research
institutes. More than 1,400 systems have been installed around the
world and nearly 4,000 peer-reviewed papers have been published
using the technology. Affymetrix' patented photolithographic
manufacturing process provides the most information capacity
available today on an array, enabling researchers to use a
whole-genome approach to analyzing the relationship between
genetics and health. Affymetrix is headquartered in Santa Clara,
Calif., with manufacturing facilities in Sacramento, Calif., and
Bedford, Mass. The Company maintains important sales and marketing
operations in Europe and Asia and has about 1,100 employees
worldwide. For more information about Affymetrix, please visit the
Company's website at www.affymetrix.com. All statements in this
press release that are not historical are "forward-looking
statements" under the federal securities laws. Such statements are
subject to risks and uncertainties that could cause actual results
to differ materially, including but not limited to the risk that
further review of the Company's financial reporting for prior
periods will require further restatement, and the other risk
factors discussed in Affymetrix' Form 10-K for the year ended
December 31, 2005 and other SEC reports, including its Form 10-Q
reports for subsequent periods. Affymetrix expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Affymetrix' expectations or any change in
events, conditions, or circumstances on which any such statements
are based.
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