CHENGDU, China, July 30, 2015 /PRNewswire/ -- Tianyin Pharmaceutical Inc. (NYSE Amex: TPI) (the "Company"), a pharmaceutical company that specializes in the patented biopharmaceutical, modernized traditional Chinese medicine (mTCM), branded generics and active pharmaceutical ingredients (API), provided updates regarding the notice it received on May 21, 2015 from the NYSE MKT LLC (the "Exchange") indicating that the Company was below certain of the Exchange's continued listing standards, as set forth in Sections 134 and 1101 of the NYSE MKT Company Guide, due to the delay in filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2015 (the "Form 10-Q"). On July 24, 2015, the Company received another notice from the Exchange in connection with the filing of the Form 10-Q that the Company continued to be not in compliance with Sections 134 and 1101 of the NYSE MKT Company Guide and that its listing is being continued pursuant to an extension.
Under NYSE MKT rules, until the Company files the Form 10-Q, its common stock will continue to be subject to the ".LF" indicator to signify its late filing status and will remain on the list of NYSE MKT noncompliant issuers at www.nyse.com.
In order to maintain its listing, the Company must regain compliance with Sections 134 and 1101 of the NYSE MKT Company Guide by August 21, 2015. Failure to regain compliance within the given timeframe will likely result in the Exchange Staff indicating delisting procedures pursuant to Section 1009 of the Company Guide.
Currently the Company is working diligently with the auditor to compile and disseminate the information required to be included in the Form 10-Q, as well as the required review of the Company's financial information. The Company expects to file the Form 10-Q as soon as possible and before the deadline set by the Exchange.
Headquartered at Chengdu, China, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, mTCM, branded generics and API. TPI currently manufactures a comprehensive portfolio of 58 products, 24 of which are listed in the highly selective national medicine reimbursement list, 10 are included in the essential drug list (EDL) of China. TPI's pipeline targets various high incidence healthcare indications. For more information about TPI, please visit: http://www.tianyinpharma.com
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
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SOURCE Tianyin Pharmaceutical Co., Inc.