Alex Philippidis Senior News Editor Genetic Engineering & Biotechnology News

Failures to Sustain Minimum Bid Prices, Market Value Draw Scrutiny from Exchanges

Even in the most bullish of bull markets that biotech stocks have enjoyed over the past year or so, some companies fall short, placing themselves at risk of being “delisted” or kicked out of a public market in which they trade stock.

While companies can be in noncompliance with their exchanges for numerous reasons, two stand out as being the most often cited, if this GEN List is any indication: At-risk companies have allowed their stock to fall in value to a closing bid price of below $1 for at least 30 consecutive business days. Or they have allowed the total value of stockholders’ equity to fall to below the minimum allowed by their exchange. In some cases, companies have been sent more than one delinquency notice in a year.

Following is a list of 26 companies placed at risk of delisting during 2014, the date of notice, the action taken, the reason(s) offered by the exchange, and the status, where disclosed. Companies on this list were found through the lists of noncompliant members maintained on their websites by NASDAQ and the New York Stock Exchange, as well as through publicly available filings, press releases, and online searches. Not included are companies that delisted from exchanges as a result of mergers and acquisitions.


Acura Pharmaceuticals (NASDAQ Capital Market: ACUR)

Date: September 18, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days.

Status: Shares continue to trade. Company has been provided 180 calendar days, until March 17, 2015, in which to regain compliance. 


Alexza Pharmaceuticals (NASDAQ Global Market: ALXA)

Date: October 27, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with $50 million minimum market value for 30 consecutive business days.

Status: Alexza has a 180 calendar day grace period from the date of the notice to regain compliance by meeting the continued listing standard.


Anthera Pharmaceuticals (NASDAQ Capital Market: ANTH)

Date: November 18, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Most recent Form 10-Q for the period ended September 30, 2014 reported stockholders' equity fell below the minimum of $10 million for continued inclusion.

Status: Continues to trade shares; Company said it intended to submit a plan to regain compliance to NASDAQ within 45 days of receipt of the letter. If plan is accepted, NASDAQ can grant an extension of up to 180 days for the company to regain compliance.


Aoxing Pharmaceutical (NYSE MKT: AXN)

Date: October 22, 2014

Action: Notice of delisting or failure to satisfy a continued listing

Reasons: 1) Reported stockholders' equity of less than $2 million at December 31, 2013 and incurred losses from continuing operations and/or net losses in two of its three most recent fiscal years ended June 30, 2013; 2) Reported stockholders' equity of less than $4 million at September 30, 2013, and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years ended June 30, 2013; 3) Reported stockholders' equity of less than $6 million at June 30, 2013, and has incurred losses from continuing operations and/or net losses in its five most recent fiscal years then ended; and 4) company has sustained losses “so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the company will be able to continue operations and/or meet its obligations as they mature.”

Status: Continuing to trade shares. Company granted extension until April 27, 2015, to regain compliance with the first three issues. NYSE MKT also granted an extension until September 21, 2014, to regain compliance on the fourth item—an extension extended to November 23, 2014, to December 31, 2014, and again to January 23, 2015.


AVEO Pharmaceuticals (NASDAQ Global Market: AVEO)

Date: December 29, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing.

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days.

Status: Continuing to trade shares. Company has been provided an initial period of 180 calendar days, or until June 29, 2015, to regain compliance with the rule.


BG Medicine (NASDAQ Capital Market; BGMD)

Date: November 20, 2014; September 5, 2014

Action: Notices of delisting or failure to satisfy a continued listing rule or standard; transfer of listing.

Reasons: Noncompliance with minimum $2.5 million in stockholders' equity; Noncompliance with minimum $1 closing bid price for 30 consecutive business days.

Status: Continues to trade shares. In the December action, company was given until January 4, 2015, to submit a plan to regain compliance with the listing rule. If NASDAQ accepts the plan, the company may then be granted until May 19, 2015, to regain compliance.

In the September action, company given until March 4, 2015, to regain compliance with minimum closing bid price rule


Bodisen Biotech (AIM: BODI)

Date: December 29, 2014

Action: Delisting of shares in accordance with notice issued December 24, 2014

Reason: Company unable to publish audited results for the year ended December 31, 2013. Shares had been suspended since June 2014.

Status: In accordance with AIM Rule 41, trading of company shares on AIM was cancelled.


Cardium Therapeutics (NYSE MKT: CXM)

Date: Filed Form 8-K on January 3, 2014, disclosing its decision made December 31, 2013.

Action: Voluntary delisting of stock on NYSE MKT, and transfer of trading to OTC Markets under the symbol CRXM.

Reason: Part of the restructuring and cost containment efforts that the company said were designed to enable a strategic focus on advancement of its key biological products. Company faced removal following a drop in its share price to below $1, despite carrying out a 1-for-20 reverse stock split in July 2013 that brought its share price from about 6 cents to $1.35 per share.

Status: Trading on OTCQB Marketplace as of January 24, 2014


Cleveland BioLabs (NASDAQ Capital Market: CBLI)

Date: March 10, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days.

Status: Company given 180 calendar days, or until September 8, 2014, to regain compliance. On September 9, 2014, company was given an additional 180 calendar day period to regain compliance.


CollabRx (NASDAQ Capital Market: CLRX)

Date: December 3, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with rule requiring the company to maintain a minimum stockholder's equity of $2.5 million for continued listing.

Status: Continuing to trade. On January 20, company said it will request a hearing to present its plan to show compliance with the $2.5 million-minimum equity rule. The request follows a letter from the NASDAQ Listing Qualifications Staff indicating that absent such a request, the company's securities would be delisted.


CorMedix (NYSE MKT: CRMD)

Date: May 19, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reasons: Noncompliance with Section 1003(a)(i) and Section 1003(a)(ii) based on reporting stockholders' equity of less than $2 million and $4 million, respectively, as of March 31, 2014; Company also cited for reporting net losses in its four previous fiscal years ending December 31, 2013.

Status: Agreed to submit compliance plan to the NYSE MKT no later than June 18, 2014. If that plan is accepted by NYSE MKT, “we may be able to continue our listing during the Plan Period, during which time we will be subject to periodic review to determine whether we are making progress consistent with the plan.”


Cytori Therapeutics (NASDAQ Global Market: CYTX)

Date: November 20, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Failure to meet requirement to maintain a minimum Market Value of Listed Securities (MVLS) of $50 million, based upon the market value of the Company’s listed securities for the last 30 consecutive business days.

Status: Continuing to trade shares. Company given 180 calendar days, or until May 19, 2015, to regain compliance with the minimum MVLS


DARA Biosciences (NASDAQ Global Market: DARA)

Date: November 17, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days.

Status: Continues to trade shares. Company has 180 calendar days, or until May 18, 2015, to regain compliance with the minimum $1 price per share requirement.


Genetic Technologies (NASDAQ Capital Market: GENE)

Date: November 5, 2014; August 29, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: In the November action, noncompliance with minimum $2.5 million in stockholders' equity. In the August action, noncompliance with minimum $1 closing bid price for the last 30 consecutive business days prior to August 28, 2014.

Status: Continues to trade shares. Company had been given 45 calendar days, or until December 22, 2014, to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant the Company an extension of up to 180 calendar days from November 5, 2014 to regain compliance.


GTx (NASDAQ Global Market: GTXI)

Date: October 29, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continues to trade shares. Company has been provided an initial period of 180 calendar days, or until March 31, 2015, to regain compliance


Nanosphere (NASDAQ Global Market: NSPH)

Date: September 19, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continuing to trade shares. Company has been given 180 calendar days, or until March 18, 2015, to regain compliance.


Novogen (NASDAQ Capital Market: NVGN)

Date: November 7, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Stockholder equity, as reported in the company’s Form 20-F for the fiscal year ended June 30, 2014, did not meet the minimum $2.5 million stockholders’ equity requirement.

Status: Continues to trade shares. Company was given 45 days to submit a plan to regain compliance. The company said it intended to submit such a plan. Action has no immediate effect on company’s trading of American Depositary Receipts (ADRs) on the NASDAQ Capital Market.


Nymox Pharmaceutical (NASDAQ Capital Market: NYMX)

Date: October 29, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reasons: Noncompliance with NASDAQ Capital Market’s minimum $35 million market value rule; Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continues to trade shares. Company given 180 days to regain compliance


Oncolytics Biotech (NASDAQ Capital Market: ONCY)

Date: October 29, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days, from September 17, 2014 to October 28, 2014

Status: Continuing to trade shares. Company has 180 calendar days, or until April 27, 2015, to regain compliance with the minimum bid price requirement. Notice does not affect company’s shares on the Toronto Stock Exchange (TSX: ONC), which are in full compliance with listing requirements of that market.


Opexa Therapeutics (NASDAQ Capital Market: OPXA)

Date: December 23, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continuing to trade shares. Company has 180 calendar days, or until June 3, 2015, to regain compliance with the minimum bid price rule.


Prima BioMed (NASDAQ Global Market: PBMD)

Date: December 23, 2014

Action: Notice of Bid Price Deficiency

Reason: Noncompliance with minimum $1 closing bid price for American Depositary Shares (ADSs) for 30 consecutive business days, from November 7, 2014 through December 19, 2014.

Status: Continuing to trade ADSs. Company has 180 calendar days, or until June 22, 2015, to regain compliance. Does not affect ordinary shares traded on the Australian Stock Exchange (ASX: PRR), which the company said are in full compliance with ASX listing requirements.


Provectus Biopharmaceuticals (NYSE MKT: PVCT)

Date: May 27, 2014

Action: NYSE placed company’s listing status under review.

Reason: Follow-up to trading halt in company’s Common Stock before the market opening on May 23, 2014. The halt came in advance of the company’s announcement that it had received notification from the FDA that the agency had declined to designate the experimental melanoma drug PV-10 as a Breakthrough Therapy “at this time.” The company disclosed that it was told by the FDA that the supporting data was insufficient to demonstrate substantial improvement over existing therapies.

Status: Continuing to trade shares. In November 2014 the company submitted a Phase III protocol for evaluation of PV-10 for treatment of locally advanced cutaneous melanoma to the FDA.


Regado Biosciences (NASDAQ Capital Market: RGDO)

Date: December 22, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continuing to trade. Company has a grace period of 180 calendar days, or until June 22, 2015, to regain compliance with the minimum closing bid price requirement for continued listing.


Response Genetics (NASDAQ Capital Market: RGDX)

Date: December 19, 2014; November 26, 2014

Action: Notices of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reasons: In its December action, NASDAQ cited failure to regain compliance with the Capital Market minimum bid price of $1.00 requirement for continued listing within 180 days or by December 17, 2014. Company not eligible for an additional 180-day extension due to noncompliance with the minimum $2.5 million in stockholders’ equity standard for continued listing.

In its November action, NASDAQ cited company’s noncompliance with the minimum $2.5 million stockholders' equity requirement.

Status: Continuing to trade while company appeals NASDAQ determination. After the November action, the company said it would submit a plan to NASDAQ to regain compliance on or before the January 8, 2015 deadline. If the plan is accepted, Nasdaq can grant the company an extension of up to 180 calendar days from November 24, 2014 to show compliance.


Retrophin (NASDAQ Global Market: RTRX)

Date: December 9, 2014

Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason: Determination that the company’s grant of stock options and restricted stock to employees from February 24, 2014 through August 18, 2014 did not satisfy all of the criteria to qualify as “inducement awards,” as described in an October 3, 2014, press release.

Status: Continuing to trade. Company said it has been in contact with NASDAQ since receipt of the letter and has developed a plan to regain compliance, which it intends to submit to NASDAQ “promptly.” If the plan is accepted, NASDAQ can grant the company an extension of up to 180 calendar days from December 9, 2014 to evidence compliance.


Rock Creek Pharmaceuticals (NASDAQ Capital Market: RCPI)

Date: October 28, 2014

Action: Action: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Reason for determination: Noncompliance with minimum $1 closing bid price for 30 consecutive business days

Status: Continuing to trade while company appeals NASDAQ determination
















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