SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

November 11, 2010 08:45 ET

Radient Pharmaceuticals Confirms Annual Meeting of Shareholders on December 3, 2010

TUSTIN, CA--(Marketwire - November 11, 2010) - Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today its Annual Meeting of Shareholders will be held at 10:00 a.m. PST on Friday, December 3, 2010 at the Company's corporate offices located at 2492 Walnut Ave., Suite 100 in Tustin, California.

Shareholders of record (record date: October 13, 2010) will receive a Proxy Statement and ballot via United States postal mail shortly after the anticipated mailing date of November 11, 2010. The Company's definitive proxy statement was filed with the Securities and Exchange Commission on November 11, FY2010 and is available at www.sec.gov.

RPC executive management team and board of directors will be present to review RPC's progress to date, current business activities and go-forward growth plans. This includes details on RPC's recent business and operational changes which focus on the development, manufacture and marketing of advanced medical diagnostic products including its Onko-Sure® IVD cancer test. Under this revised path, RPC's executive management remains confident it can build a highly improved balance sheet and position RPC as a fast-growing and profitable enterprise. In support of its strategy, RPC's Board of Directors will seek stockholder approval at its Annual Stockholders Meeting for the execution of a financial stabilization plan through (but not limited to) the following initiatives:

  • Approval of the issuance of RPC's common stock issuable upon the full exchange and cancellation of a majority of the Company's outstanding notes and loans;
  • Approval of the issuance of shares, underlying notes and warrants issued in financings the Company completed in the first and second quarter of FY2010;
  • Approval of the issuance of shares and underlying warrants issued in the Registered Direct Offering the Company completed in November FY2009;
  • Increasing the Company's authorized capital; and,
  • Lastly, creating a new 2010 stock option plan to incentivize management and employees to drive RPC's In vitro Diagnostics ("IVD") business to new heights in sales and profitability in FY2010 and beyond.

RPC Executive Chairman and CEO Douglas MacLellan commented, "It's very important all RPC shareholders return their proxies in time to be voted at this meeting. Over the past 12 months we've made marked progress in our business, and more specifically, with the international commercialization of RPC's Onko-Sure® In Vitro Diagnostic Cancer test. The approval of actions set forth in our Proxy Statement will greatly enhance our ability to reach key goals and allow us to maintain, and then improve, our cash position. This may also prevent many of our note holders from declaring a default and causing RPC to pay significant amounts in cash."

Mr. Ariel Imas, Co-President Capital Markets & Investment Banking of the Avalon Group Ltd. will manage RPC's proxy solicitation efforts. Mr. Imas can be reached via phone at 212-624-9292 or email at aimas@avalongroupltd.com. Shareholders wishing to download, print and fax a copy of RPC's Proxy Statement and proxy ballot rather than send via postal mail may do so by contacting RPC Investor Relations for a downloadable copy of the proxy. RPC's corporate fax number is +1 (714) 505-4464.

RPC Contact Information:
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy and the monitoring of disease progression or recurrence. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • RPC Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    (Tel) 206.310.5323