Oscient failure in reg filing prompts Nasdaq notice

By Mass High Tech staff

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Oscient Pharmaceuticals Corp. has failed to comply with Nasdaq stock market rules by not filing its Form 10-Q, which prompted a letter from the Nasdaq Listings Qualifications Department, company officials have reported in a release.

The notice does not impact Oscient (Nasdaq: OSCI) stock listing on the Nasdaq Global Market, but the Nasdaq Listings Qualifications Department could delist Oscient stock if they fail to accept the company’s plan to regain compliance.

Oscient’s Form 10-Q was due March 31, 2009; The company now has until July 20, 2009, to come up with a plan to regain compliance.

Oscient has been troubled by economic woes in the last several months. In February, the company announced that it was cutting staff levels by 32 percent and considering a potential sale of the company. The Waltham-based firm said it would reduce its 305 employees throughout the U.S. to about 215 employees, with about 25 vacant positions to be left unfilled. The restructuring is reported to have left 35 employees at Oscient’s Waltham and Skillman, N.J., locations, and about 170 positions in other U.S. locations.

Oscient develops pharmaceutical drugs for the treatment of high blood cholesterol and high triglycerides, as well as treatment for chronic bronchitis and pneumonia.

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