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Icoria to Lose Its Nasdaq Small Cap Listing June 30

NEW YORK, June 23 (GenomeWeb News) - The Listing Qualifications department of the Nasdaq market sent Icoria a staff determination notice informing the company that it would no longer be listed on the Small Cap exchange after the opening of business on June 30, the company said today in an SEC filing.

 

The exchange found the company had been delinquent in its obligation to maintain a stock price above $1, as per Marketplace Rule 4310(c)(4), the document said.

 

The determination allows the company to appeal the staff's decision, but Icoria will not seek a relisting due to the distraction it would cause during the company's expansion efforts, and due to the long delinquency period, the company said. Icoria's stock has been trading below $1 since May 2004.

 

As GenomeWeb News reported last month, Icoria CEO Heinrich Gugger resigned, a move announced less than two months after the company sold its agricultural genomics assets for $6.8 million to Monsanto to focus its energy on biomarker discovery.

 

Icoria changed its name from Paradigm Genetics in August 2004.

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