-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
DdWW5E6o0/B5m5YtndGrAFiX2rbnQ7zdbjgc16ElaCBAH04uMW31fuiY7clMUx93
yqf20LwDm9mllbitl6k3Aw==
UNITED STATES ý
QUARTERLY REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2004 OR ¨
TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from
to Commission file number 0-19041 AMERICAN
BIOGENETIC SCIENCES, INC. Delaware 11-2655906 (State of Incorporation) (I.R.S. Employer Identification No.) 115 East 57th Street,
Suite 1118, New York, NY 10022 (Address of Principal Executive Offices) (ZIP Code) Registrant's
Telephone Number, Including Area Code: (212) 688-5688 Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes ¨ No x At September 30,
2004, the Registrant had 41,949,909 shares of class A common Stock outstanding. Indicate
by check mark whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act). Yes ¨ No x PART I - FINANCIAL INFORMATION ITEM 1. ITEM 2. ITEM 3. PART
II - OTHER INFORMATION ITEM 1. ITEM 2. ITEM 3. ITEM 4. ITEM 5. PART I - FINANCIAL INFORMATION ITEM
1. FINANCIAL STATEMENTS Back
to Table of Contents The Registrant's unaudited interim financial statements
are attached hereto. Unaudited
Interim Financial Statements ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION Back to Table of Contents Some of the statements contained in this quarterly
report of American Biogenetic Sciences, Inc., a Delaware corporation discuss future
expectations, contain projections of our plan of operation or financial condition or state
other forward-looking information. Forward-looking statements give our current
expectations or forecasts of future events. You can identify these statements by the fact
that they do not relate strictly to historical or current facts. They use of words such as
"anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," and other words and terms of
similar meaning in connection with any discussion of future operating or financial
performance. From time to time, we also may provide forward-looking statements in other
materials we release to the public. General Background American
Biogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as
"we", "us", "our", "Company" and the
"Registrant". The Registrant was formed in 1983 for the purpose of
researching, developing and marketing cardiovascular and neurobiology products for
commercial development and distributing vaccines. The Registrant's products were designed
for in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products had
been identified for use in the treatment of epilepsy, migraine and mania,
neurodegenerative diseases, coronary artery diseases and cancer. The Registrant
commenced selling its products during the last quarter of 1997 but did not generate any
sufficient revenues from operations to fund its operating expenses. During the period from
its inception in 1983 through its fiscal year ended December 31, 2001, the Registrant's
accumulated net loss was $73,720,000. On September 19, 2002, the Registrant filed a voluntary
Chapter 7 bankruptcy petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Eastern District of New York (case no. 02-86689). As a result of the Chapter 7 bankruptcy petition, the
Registrant's assets were transferred to a United States Trustee and the Registrant
terminated its business operations. In connection with the Chapter 7
petition, each officer of the Registrant either resigned or was terminated as an officer
and employee and all of the directors resigned effective September 20, 2002. During 2003 and 2004, the Bankruptcy Trustee had disposed
of substantially all of the assets of the Registrant and its subsidiaries. On November 4, 2005, the Bankruptcy Court approved an order authorizing a change
in control and confirming that Park Avenue Group, Inc. is a good faith purchaser pursuant
to 11 USC Section 363(m). The Court order further provided that the Company, subsequent to
the bankruptcy proceeding, is free and clear of all liens, claims and interests of others
and that the sale was free and clear of any and all other real or personal property
interests, including any assets or liabilities of the debtor and the debtor's interests in
any subsidiaries. Change in Control following Bankruptcy The material terms of the transaction
confirmed by the Bankruptcy Court authorized Park Avenue Group to appoint new members to
the Registrant's board of directors and management, and the authority to change the
Registrant's articles of incorporation with respect to the capital stock of the Company.
On November 29, 2005, the Registrant's board of directors approved an amendment to the
Registrant's articles of incorporation to (i) increase the number of authorized shares of
capital stock to 910,000,000 shares, including 900,000,000 shares of common stock, par
value $0.0001, and 10,000,000 shares of preferred stock, par value $0.0001. On November 8,
2005, Park Avenue Group appointed Richard Rubin to the board of directors of the Registrant, which then
appointed Mr. Rubin to be chief executive officer and chief financial officer of the
Registrant. New Business
Objectives of the Registrant As
a result of the Chapter 7 bankruptcy proceeding, the Registrant has no present operations
and has determined to direct its efforts and limited resources to pursue potential new
business opportunities. The Registrant does not intend to limit itself to a particular
industry and has not established any particular criteria upon which it shall consider and
proceed with a business opportunity. Following the Registrant's fiscal year ended December
31, 2001, its common stock has been subject to quotation on the pink sheets. There is
currently only a limited trading market in the Registrant's shares. There can be no
assurance that there will be an active trading market for our common stock. In the event
that an active trading market commences, there can be no assurance as to the market price
of our shares of common stock, whether any trading market will provide liquidity to
investors, or whether any trading market will be sustained. Registrant's
executive officer/director intends to devote such time as he deems necessary to carry out
the Registrant's affairs. The exact length of time required for the pursuit of any new
potential business opportunities is uncertain. No assurance can be made that the
Registrant will be successful in its efforts. We cannot project the amount of time that
our executive officer/director will actually devote to the Registrant's plan of operation. Plan of Operation We have no present operations or
revenues and our current activities are related to seeking new business opportunities,
including seeking an acquisition or merger with an operating company. If our management
seeks to acquire another business or pursue a new business opportunity, it would have
substantial flexibility in identifying and selecting a prospective business. Registrant
would not be obligated nor does management intend to seek pre-approval from our
shareholders. Under the laws of the State of Delaware, the consent of holders of a
majority of the issued and outstanding shares, acting without a shareholders meeting, can
approve an acquisition. The Registrant is entirely dependent on
the judgment of its executive officer/director in connection with pursuing a new business
opportunity or a selection process for a target operating company. In evaluating a
prospective new business opportunity or an operating company, he would consider, among
other factors, the following: (i) costs associated with effecting a transaction; (ii)
equity interest in and opportunity to control the prospective candidate; (iii) growth
potential of the target business; (iv) experience and skill of management and availability
of additional personnel; (v) necessary capital requirements; (vi) the prospective
candidate's competitive position; (vii) stage of development of the business opportunity;
(viii) the market acceptance of the business, its products or services; (ix) the
availability of audited financial statements of the potential business opportunity; and
(x) the regulatory environment that may be applicable to any prospective business
opportunity. The foregoing criteria are not intended
to be exhaustive and there may be other criteria that management may deem relevant. In
connection with an evaluation of a prospective or potential business opportunity,
management may be expected to conduct a due diligence review. Liquidity and Capital Resources We will use our limited personnel and
financial resources in connection with seeking new business opportunities, including
seeking an acquisition or merger with an operating company. It may be expected that
entering into a new business opportunity or business combination will involve the issuance
of a substantial number of restricted shares of common stock. If such additional
restricted shares of common stock are issued, our shareholders will experience a dilution
in their ownership interest in the Registrant. If a substantial number of restricted
shares are issued in connection with a business combination, a change in control may be
expected to occur. In
connection with our plan to seek new business opportunities and/or effecting a business
combination, we may determine to seek to raise funds from the sale of restricted stock or
debt securities.We have no agreements to issue any debt or equity securities and cannot
predict whether equity or debt financing will become available at terms acceptable to us,
if at all. There
are no limitations in our articles of incorporation on our ability to borrow funds or
raise funds through the issuance of restricted common stock to effect a business
combination. Our limited resources and lack of operating history may make it difficult to
do borrow funds or raise capital. Our inability to borrow funds or raise funds through the
issuance of restricted common stock required to effect or facilitate a business
combination may have a material adverse effect on our financial condition and future
prospects, including the ability to complete a business combination. To the extent that
debt financing ultimately proves to be available, any borrowing will subject us to various
risks traditionally associated with indebtedness, including the risks of interest rate
fluctuations and insufficiency of cash flow to pay principal and interest, including debt
of an acquired business. ITEM 3.
CONTROLS AND PROCEDURES Back
to Table of Contents Evaluation of disclosure controls and
procedures. Our new management was appointed in
November 2005. As of December 31, 2005, the Company's chief executive officer/chief
financial officer conducted an evaluation regarding the effectiveness of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under
the Exchange Act. Based upon the evaluation of these controls and procedures, our
chief executive officer/chief financial officer concluded that our disclosure controls and
procedures were effective as of the date of filing this quarterly report. Changes in internal controls. During the period from the date of the Bankruptcy Court Order through
February 28, 2006, during which this quarterly report was prepared, no changes occurred in
our internal control over financial reporting that materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting. PART II - OTHER INFORMATION ITEM 1. LEGAL
PROCEEDINGS Back to Table of
Contents None. ITEM 2. CHANGES
IN SECURITIES Back to Table of
Contents None. ITEM
3. DEFAULTS UPON SENIOR SECURITIES Back to Table of Contents None. ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Back to Table of Contents None. ITEM
5. OTHER INFORMATION Back
to Table of Contents None. ITEM
6. EXHIBITS AND REPORTS ON FORM 8-K Back to Table of Contents (a) The following documents are filed as exhibits to
this report on Form 10-QSB or incorporated by reference herein. Any document incorporated
by reference is identified by a parenthetical reference to the SEC filing that included
such document. Exhibit
No. (b) Reports on Form 8-K during the quarter covered by this report: None. SIGNATURES Pursuant to the
requirements of the Securities Exchange Act of 1934, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on the date
indicated. Financial Statements for the three and nine-month periods ended September 30,
2004 American Biogenetic Sciences, Inc. ASSETS LIABILITIES
AND STOCKHOLDERS' EQUITY American Biogenetic Sciences, Inc. Three
Months Ended September 30, Nine
Months Ended September 30, (Unaudited) (Unaudited) American Biogenetic Sciences, Inc. Nine
Months Ended September 30, (Unaudited) AMERICAN BIOGENETIC SCIENCES, INC. 1. Basis of Presentation American Biogenetic Sciences, Inc. (the "Company",
"We" or "ABS") was incorporated in Delaware on September 1, 1983.
Prior to filing for bankruptcy under chapter 7, the Company engaged in the research,
development and production of bio-pharmaceutical products. The Financial Statements presented herein have been prepared by us in
accordance with the accounting policies described in our December 31, 2003 Annual Report
on Form 10-KSB and should be read in conjunction with the Notes to Consolidated Financial
Statements which appear in that report. The preparation of these financial statements in conformity with
accounting principles generally accepted in the United States requires us to make
estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of contingent assets and liabilities. On an on going
basis, we evaluate our estimates, including those related intangible assets, income taxes,
insurance obligations and contingencies and litigation. We base our estimates on
historical experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other
resources. Actual results may differ from these estimates under different assumptions or
conditions. In the opinion of management, the information furnished in this Form
10-QSB reflects all adjustments necessary for a fair statement of the financial position
and results of operations and cash flows as of and for the three-month and nine-month
periods ended September 30, 2004and 2003. All such adjustments are of a normal recurring
nature. The Consolidated Financial Statements have been prepared in accordance with the
instructions to Form 10-QSB and therefore do not include some information and notes
necessary to conform with annual reporting requirements. "Fresh Start" Accounting: On September 19, 2002 all of
the Companys assets were transferred to the chapter 7 trustee in settlement of all
outstanding corporate obligations. We adopted "fresh-start" accounting as of
September 20, 2002 in accordance with procedures specified by AICPA Statement of Position
("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under
the Bankruptcy Code." All results for periods subsequent to September 19, 2002 are referred
to as those of the "Successor Company". The results of operations and cash flows
as presented on the 2002 financial statements reflect the predecessor company. The
successor company had no transactions between September 19 and the end of the reporting
period, December 31, 2002. In accordance with SOP No. 90-7, the reorganized value of the Company
was allocated to the Company's assets based on procedures specified by SFAS No. 141,
"Business Combinations". Each liability existing at the plan sale date, other
than deferred taxes, was stated at the present value of the amounts to be paid at
appropriate market rates. It was determined that the Company's reorganization value
computed immediately before September 20, 2002 was $0. We adopted "fresh-start"
accounting because holders of existing voting shares immediately before filing and
confirmation of the sale received less than 50% of the voting shares of the emerging
entity and its reorganization value is less than its post-petition liabilities and allowed
claims. The accounts of the former subsidiaries were not included in the sale
and have not been carried forward. 2. Bankruptcy Proceedings On September 19, 2002, the Registrant filed a voluntary Chapter 7
petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District of
New York (case no. 02-86689). On November 4, 2005, the Bankruptcy Court approved an Order
confirming the sale of debtor's interest in personal property to Park Avenue Group Inc.
The material terms of the transaction confirmed by Bankruptcy Court authorized Park Avenue
Group to appoint new members to the Registrant's board of directors and authorized the
newly-appointed board of directors to amend the Article of Incorporation with respect to
the capital stock of the Company. The accounts of the former subsidiaries were not included in the sale
and have not been carried forward. Resultant Change in Control: In connection with the Order
confirming the sale of debtor's interest in certain intangible personal property to Park
Avenue Group Inc. approved by the U.S. Bankruptcy Court Eastern District of New York on
November 4, 2005, the Court authorized a change in control pursuant to which Richard Rubin
became our sole director on November 29, 2005, and was appointed CEO by the new board of
directors on November 29, 2005. The Court order further provided that the sale was free
and clear of liens, claims and interests of others and that the sale was free and clear of
any and all other real or personal property interests, including any interests in
ABSs subsidiaries. 3. Earnings/Loss Per Share Basic earnings per share is computed by dividing income available to
common shareholders (the numerator) by the weighted-average number of common shares
outstanding (the denominator) for the period. Diluted earnings per share assume that any
dilutive convertible securities outstanding were converted, with related preferred stock
dividend requirements and outstanding common shares adjusted accordingly. It also assumes
that outstanding common shares were increased by shares issuable upon exercise of those
stock options for which market price exceeds the exercise price, less shares which could
have been purchased by us with the related proceeds. In periods of losses, diluted loss
per share is computed on the same basis as basic loss per share as the inclusion of any
other potential shares outstanding would be anti-dilutive. 4. New Accounting Standards In May 2003, FASB issued Statement of Financial Accounting Standards
No. 150, "Accounting for Certain Financial Instruments with Characteristics of
Both Liabilities and Equity" ("SFAS 150"). SFAS 150 establishes
standards for how an issuer classifies and measures certain financial instruments with
characteristics of both debt and equity and requires an issuer to classify the following
instruments as liabilities in its balance sheet: - a financial instrument issued in the form of shares that is mandatorily redeemable
and embodies an unconditional obligation that requires the issuer to redeem it by
transferring its assets at a specified or determinable date or upon an event that is
certain to occur; - a financial instrument, other than an outstanding share, that embodies an obligation
to repurchase the issuers equity shares, or is indexed to such an obligation, and
requires the issuer to settle the obligation by transferring assets; and - a financial instrument that embodies an unconditional obligation that the issuer must
settle by issuing a variable number of its equity shares if the monetary value of the
obligation is based solely or predominantly on (1) a fixed monetary amount, (2) variations
in something other than the fair value of the issuers equity shares, or (3)
variations inversely related to changes in the fair value of the issuers equity
shares. In November 2003, FASB issued FASB Staff Position No. 150-3 ("FSS
150-3") which deferred the effective dates for applying certain provisions of SFAS
150 related to mandatory redeemable financial instruments of certain non-public entities
and certain mandatory redeemable non-controlling interests for public and non-public
companies. For public entities, SFAS 150 is effective for mandatory redeemable financial
instruments entered into or modified after May 31, 2003 and is effective for all other
financial instruments as of the first interim period beginning after June 15, 2003. For
mandatory redeemable non-controlling interests that would not have to be classified as
liabilities by a subsidiary under the exception in paragraph 9 of SFAS 150, but would be
classified as liabilities by the parent, the classification and measurement provisions of
SFAS 150 are deferred indefinitely. The measurement provisions of SFAS 150 are also
deferred indefinitely for other mandatory redeemable non-controlling interests that were
issued before November 4, 2003. For those instruments, the measurement guidance for
redeemable shares and non-controlling interests in other literature shall apply during the
deferral period. The Company adopted the provisions of SFAS 150 effective June 30, 2003
and such adoption did not have a material impact on its financial statements. In December 2003, the FASB released a revised version of Interpretation No. 46,
"Consolidation of Variable Interest Entities" ("FIN 46") called FIN
46R, which clarifies certain aspects of FIN 46 and provides certain entities with
exemptions from requirements of FIN 46. FIN 46R only slightly modified the variable
interest model from that contained in FIN 46 and did change guidance in many other areas.
We adopted FIN 46 during 2003. FIN 46R was adopted and implemented in the first quarter of
fiscal 2004 and had no impact on the Companys financial position or results of
operations. Exhibit 31.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-QSB
________________________________
(Exact Name Of Registrant
As Specified In Its Charter)
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes x No ¨
Item
Description
Page
3
3
4
4
5
5
5
5
ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K.
5
Description
31.1
Certification of CEO and CFO
pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
32.1
Certification of CEO and CFO
pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
/s/
Richard Rubin
Richard Rubin
CEO, CFO and Chairman
Dated: March 1, 2006
Successor
Company
September
30, 2004
December
31, 2003
(Unaudited)
Current Assets:
Cash
$
0
$
0
Accounts
receivable
0
0
Inventory
0
0
Prepaid expenses
0
0
Total current assets
0
0
Assets from
discontinued operations held for sale:
Equipment, net
0
0
Patents, net
0
0
Other assets
0
0
Total Assets
$
0
$
0
Current Liabilities:
Accounts
payable-trade
$
0
$
0
Accrued expenses
0
0
Capitalized lease
obligations
0
0
Total current liabilities
0
0
Stockholders' Equity:
Common stock, 153,000,000
shares authorized, $0.001 par value;
44,949,909
shares issued and outstanding at September 30, 2004, and December 31, 2003
44,950
44,950
Additional paid-in
capital
(44,950)
(44,950)
Accumulated
deficit
0
0
Total
Stockholders' Equity
0
0
Total Liabilities and Stockholders' Equity
$
0
$
0
See
Notes to Unaudited Interim Financial Statements.
Successor
Successor
Successor
Successor
Company
Company
Company
Company
2004
2003
2004
2003
Revenue
$
0
$
0
$
0
$
0
Costs and Expenses:
General and administrative
0
0
0
0
Interest
0
0
0
0
Total costs and expenses
0
0
0
0
Loss from continuing operations before income
taxes,
extraordinary gain and discontinued
operations
0
0
0
0
Discontinued operations:
Loss from
discontinued operations (net of taxes)
0
0
0
0
Loss on disposal of assets used in
discontinued operations
0
0
0
0
Income from discontinued operations
0
0
0
0
Net Income (loss)
$
0
$
0
$
0
$
0
Preferred stock dividends
$
0
$
0
$
0
$
0
Net loss available to common shareholders
$
0
$
0
$
0
$
0
Basic and diluted per shares amounts:
Continued operations
$
0.00
$
0.00
$
0.00
$
0.00
Discontinued operations
$
0.00
$
0.00
$
0.00
$
0.00
Basic and diluted net loss
$
0.00
$
0.00
$
0.00
$
0.00
Weighted average shares outstanding (basic and
diluted)
44,949,909
44,949,909
44,949,909
44,949,909
See Notes to Unaudited Interim
Financial Statements.
Successor Company
Successor Company
2004
2003
Cash
flows used by operating activities
$
0
0
Cash flows from investing
activities:
Purchase of
equipment & patents
0
0
Proceeds from sale of business
0
0
Cash
used in investing activities
0
0
Cash flows from financing activities:
Proceeds from the
issuance of common and preferred stock
0
0
Payments on
capital leases and notes
0
0
Proceed from
notes payable
0
0
Repayment of notes payable
0
0
Net
cash provided by financing activities
0
0
Change in cash
0
0
Cash - beginning of period
0
0
Cash - end of period
$
0
$
0
See Notes to
Unaudited Interim Financial Statements.
NOTES TO UNAUDITED INTERIM FINANCIAL STATEMENTS
I, Richard Rubin, certify that:
(1) I have reviewed this Quarterly Report of American Biogenetic Sciences, Inc.;
(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
(4) I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and
(5) I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
Date: March 1, 2006
/s/ Richard Rubin
[Signature]
CEO, CFO and Chairman
[Title]
Exhibit 32.1
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of American Biogenetic Sciences, Inc. (the Company) on Form 10-QSB for the period ended September 30, 2004 (the Report), as filed with the Securities and Exchange Commission on the date hereof, I, Richard Rubin, CEO, CFO and Chairman of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Richard Rubin
CEO, CFO and Chairman
Dated: March 1, 2006
A signed original of this written statement required by Section 906 has been provided to American Biogenetic Sciences, Inc. and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.