Friday, August 15, 2008

Vion stock dropped from Nasdaq market

By Mass High Tech Staff

Vion Pharmaceuticals Inc. has been delisted from the Nasdaq Capital Market, effective today. The company, which is based in New Haven, Conn., was removed for failing to maintain at least $2.5 million in stockholders’ equity, an exchange requirement. Vion’s common stock will soon be listed on the Over The Counter bulletin board in the near term, reported the company.

The company, which trades under the ticker symbol “VION,” will continue to maintain its status as a reporting company with the U.S. Securities and Exchange Commission and update its shareholders on material events and financial information as required.

The pharmaceutical company has two anti-cancer products in clinical stage development. Vion is evaluating its investigative alkylating agent, Cloretazine, in a Phase 2 pivotal study for the treatment of myelogenous leukemia. The drug is also being tested in combination with temozolomide in brain tumors, The company research with Cloretazine to aid in stem cell transplantation for hematologic malignancies is still ongoing.

A DNA synthesis inhibitor, Triapine, is in trials sponsored by the National Cancer Institute.

In May 2007, Vion suspended a pivotal Phase 3 trial Cloretazine for relapsed leukemia after the independent panel reviewed interim data from 210 patients who took the drug and found that “any remission could be compromised by the observed on-study mortality to date,” the company reported.