NEW YORK, March 7 (GenomeWeb News) - Tapestry Pharmaceuticals, formerly known as NaPro BioTherapeutics, is in danger of being delisted to the Nasdaq Small-Cap Market for failing to keep its share price above $1 for 30 consecutive trading days, according to a news report.
Tapestry has until Aug. 24 to "regain compliance," according to the Denver Post. The company is based in
The news comes two months after Tapestry closed its genomics division in
"Although we believe our gene editing technology has considerable long-term value, this current restructuring now focuses the majority of our assets on the development of our nearer term oncology clinical drug candidate portfolio," Leonard Shaykin, Tapestry CEO, said at the time.
The lay-offs affected about one-fourth of Tapestry's employees, and, along with the rest of the company's restructuring plans, including the closing of its
Rodman and Renshaw have served as Tapestry's financial advisor during the sale and licensing of its assets, Tapestry said during the time.
Tapestry's genomics division oversaw the company's gene-editing technology, which uses oligonucleotides to locate, label, isolate, and modify a single base pair in an organism's gene. Before the restructuring, the Boulder, Colo.-based company developed and licensed genomics technologies for agriculture, pharmacogenomics, diagnostics, and therapeutics.
NaPro changed its name to Tapestry in May 2004.