Biostage failed to meet NASDAQ requirements
PHOTO/LAURA FINALDI
Biostage CEO Jim McGorry (left) and Chief Medical Officer Saverio La Francesca hold one of the company's synthetic scaffolds that have worked to regrow esophaguses in pigs.
Biostage will be delisted from the NASDAQ stock market if it loses an upcoming appeal, after the company failed to raise its bid price to $1 within a given 180-day period.
The Holliston company said it received a letter from NASDAQ on May 18, saying its failure to reach the $1 bid price requirement, and its non-compliance with the $2.5 million stockholders’ equity requirement as of the quarter ended March 31, could serve as a basis for delisting unless the company requests a hearing before the Nasdaq Hearings Panel.
Biostage plans to request a hearing, which will protect it from being delisted until the panel takes action. The panel can grant an extension through Nov. 14.
Biostage was initially threatened with de-listing in November. Its first quarter financials showed a loss of $3.8 million, with $6.6 million in cash -- roughly enough to get it through the year.
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