The company said today that it expects to hear from Amex about the status of its application within six to eight weeks. GenoMed's stock is currently traded on the Pink Sheets under the ticker symbol GMED.
In November 2002, GenoMed announced plans to trade on the Nasdaq over-the-counter bulletin board. David Moskowitz, CEO and chief medical officer of the company, told GenomeWeb News today that changes in accounting rules and other factors led to a number of delays in the approval process. "We never got an official denial, but we certainly didn't get an approval either," he said.
Moskowitz said the company has a good chance of meeting the primary requirement for trading on Amex -- a market capitalization of $50 million. The company has around 200 million shares outstanding, and Moskowitz said he is confident the company can hit and maintain a $0.25 share price to reach the $50 million market cap milestone.
GenoMed's stock was trading at $0.185 as of 12:30 EDT today, after opening at $0.16.
Many brokers avoid Pink Sheet stocks, Moskowitz said, so a move to Amex is expected to increase investor confidence and improve the company's liquidity.