API maker Tianyin Pharmaceutical warned by NYSE again

03-Mar-2016 - Last updated on 03-Mar-2016 at 13:56 GMT

New York Stock Exchange (source: iStock/JaysonPhotography)

Tianyin Pharmaceutical failed to file its financial results with the NYSE despite agreeing a compliance plan with the exchange in January.

The US-listed, China-headquartered firm – which makes active pharmaceutical ingredients (APIs), generic drugs and traditional Chinese medicines - announced the warning in a Securities Exchange Commission (SEC) filing yesterday.

Tianyin explained that it “received a notice from the NYSE MKT Staff indicating that the Company is below certain of the continued listing standards… due to its failure to timely file its Form 10-Q for the period ended December 31, 2015.”

The firm said it “is working to compile and disseminate the information required to be included in the Form 10-Q.”

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Tianyin has received several similar warnings, most recently in October for failing to file reports for the fiscal year ended June 30 and the quarter ended September 30.

It negotiated a compliance plan with the NYSE in January.

Ujnder the plan Tianyin agreed to regain certain unspecified files taken by the Sichuan Province Public Security Department (SPPSD), comply with future filing time lines and “give serious consideration to disclosing estimated figures that reflect its current financial condition.”

Tianyin did not respond to a request for comment.

The firm manufactures 58 products, including the antibiotic API azithromycin which it makes at a facility in Chengdu, China.