Monday, January 12, 2009

Alseres issued Nasdaq compliance warning

By Mass High Tech staff

Hopkinton biopharmaceuticals firm Alseres Pharmaceuticals Inc. has announced its receipt of a delisting warning from the Nasdaq Stock Market. Company officials said Alseres (Nasdaq: ALSE) has not maintained a minimum of $35 million in securities for the last 10 consecutive trading days.

The Nasdaq Stock Market gives Alseres 30 days to regain compliance by maintaining 10 consecutive business days of $35 million in listed securities.

Alseres took steps in 2008 to consolidate operations and secure its financial position. In November, the firm announced its plan to raise $1 million through a private placement to an individual investor, Robert Gipson, a former board member. In June, Gipson, a general partner at Ingalls & Snyder Value Partners, executed another private placement that brought $5 million into Alseres’ coffers.

Alseres joined its Woburn and Hopkinton offices into one new facility in Hopkinton in August. The company is developing therapeutic and diagnostic products primarily for disorders in the central nervous system and showed in its September quarterly report a loss of $5.1 million on zero revenue.