Biostage, Delisted from NASDAQ, Will Move to OTCQB Marketplace.
M2 PHARMA-October 10, 2017-Biostage, Delisted from NASDAQ, Will Move to OTCQB Marketplace
(C)2017 M2 COMMUNICATIONS
- US-based biotechnology company Biostage, Inc. (OTCQB: BSTG) last week received written notification from the NASDAQ Stock Market LLC indicating that the NASDAQ Hearings Panel has determined to delist the company's common stock from the NASDAQ Capital Market, the company said.
The move was effective with the open of business on October 6, 2017.
As previously reported, on November 18, 2016, the company received a notice from NASDAQ indicating it was not in compliance with NASDAQ's minimum bid price requirement, and on May 22, 2017, NASDAQ notified the company that based noncompliance with that rule and with the USD 2.5m minimum stockholders equity requirement, the company's common stock would be subject to delisting.
The company requested a hearing with the Panel and, on July 10, 2017, the company announced that the panel granted the company's request for continued listing subject to a number of conditions, with the panel's decision ultimately requiring that the company evidence full compliance with all requirements for continued listing on The NASDAQ Capital Market by no later than November 13, 2017.
Biostage said it determined that as a result of the events described below, the company could not regain compliance with The NASDAQ Capital Market listing standards by the deadline imposed by NASDAQ, and on October 4, 2017 the company withdrew its appeal from the Panel.
The company's common stock was immediately eligible for trading on the OTCQB marketplace effective with the open of business on October 6, 2017. The company's common stock will continue to trade under the symbol "BSTG."
Biostage is a biotechnology company developing bioengineered organ implants based on the company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants.
Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients.
Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology.
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|Date:||Oct 10, 2017|
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