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Print Edition StoriesWednesday, March 17, 2010
Molecular Insight receives Nasdaq listing warning
By Mass High Tech staff
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Molecular Insight Pharmaceuticals Inc., an oncology-focused biopharmaceutical firm in Cambridge, has received a letter from the Nasdaq Stock Market regarding the company’s non-compliance.
According to a Molecular Insight (Nasdaq: MIPI) press release, the company has not met the Nasdaq minimum of $50 million for its market value of listed securities for 30 consecutive business days before Mar. 9, the date of the letter.
Nasdaq regulations state that the company has a 180-day grace period to regain compliance, defined as ten consecutive business days of closing at $50 million or more. As of 1:30 p.m. today, Molecular shares were trading at $1.44 per share.
The company announced in January that it planned to cut nine jobs, almost 13 percent of the company, in a move to lower operating costs and develop the company’s oncology product candidates. The layoffs would save the company $1 million annually, officials said at the time.
Molecular Insight was founded in 1997 as Imaging Biopharmaceuticals Inc.
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