Arrowhead Research, the parent firm of Calando Pharmaceuticals, said this week that it has been notified by the Nasdaq Stock Market that its stockholders' equity does not comply with the exchange's $2.5 million minimum requirement.
Arrowhead said that it has submitted a plan for regaining compliance to the Nasdaq. If the plan is accepted, the company said it may be provided with up to 105 calendar days to demonstrate compliance.
"We are taking action to strengthen our balance sheet to put Arrowhead on a stronger financial footing and expect this will be reflected in our results for the quarter ending June 30, 2009," Arrowhead CEO Christopher Anzalone said in a statement.