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Genetic biomarker maker Interleukin Genetics Inc. continues to face being delisted from the NYSE Amex LLC stock exchange.
Waltham-based Interleukin (NYSE Amex: ILI) announced that the New York Stock Exchange did not accept a plan filed in January to regain listing compliance. Interleukin had received a NYSE notice on December 23, 2008, indicating it was noncompliant with the NYSE listing requirements, as its stockholders’ equity was less than $6 million and it has had losses from continuing operations and net losses in its five most recent fiscal years.
As of December 31, 2008, the company’s stockholders’ equity was approximately $4.5 million. Interleukin stated it appealed the NYSE ruling and has requested an oral hearing before the stock exchange’s listing qualifications panel to file an appeal. It expects the hearing to be scheduled in the next 45 days.
Written documents may not effectively convey the opportunities for genetic testing for consumer, drug development and clinical diagnostic channels, Interleukin CEO Lewis Bender stated in the firm’s defense. The company has “strengthened its management team, refined its focus and renegotiated restrictive agreements,” he said. In the second quarter, the company will launch one of its own genetic test brands and continue to partner its intellectual property and genetic biomarker expertise with more biotechnology and pharmaceutical companies.
Additionally, new partnerships are in place with money to fund its operations through the NYSE’s monitoring date of June 23, 2010, he said. The company will remain on the exchange at least until the appeal, officials said.
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