Marshall Edwards faces stock delisting

By Mass High Tech staff

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Oncology-focused pharmaceutical firm Marshall Edwards Inc. announced today that it has received notification from The Nasdaq Stock Market that the company has failed to regain compliance and its common stock is subject to delisting on Tuesday, Mar. 23. The company has until Tuesday to request a hearing with the Nasdaq Listing Qualifications Panel.

New Canaan, Conn.-based Marshall Edwards first received a warning of Nasdaq noncompliance on Sept. 16, noting that the company did not maintain a minimum common stock bid price of at least $1 for 30 consecutive business days.

On Feb. 9, the company’s board of directors approved a 1-for-10 reverse stock split that was intended to ensure Marshall Edwards was in full compliance with Nasdaq listing rules.

Marshall Edwards, a subsidiary of Australian biotechnology firm Novogen Ltd., develops anti-cancer therapeutics based on a flavonoid technology platform.

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