Alseres Pharmaceuticals Inc. says it will appeal the Nasdaq stock market’s decision to delist the company’s stock.
The Hopkinton-based company said it received the Nasdaq’s determination that it hadn’t regained compliance with the market’s $35 million minimum market value requirement last week.
The company was notified in January that it had fallen out of compliance with the Nasdaq’s minimum market value rule. Since then, it has said that it must raise cash, be acquired, collaborate or merge with another firm in order to stay in business.
The company reported a $20.8 million loss and brought in no revenue in 2008.
Alseres, which is developing diagnostic technology for central nervous system disorders, said it intends to appeal the Nasdaq decision to delist the company’s stock.
Alseres stock was trading at $1 this morning.
