NEW YORK, May 22 - Lynx Therapeutics said it will begin trading on the Nasdaq SmallCap Market exchange today.
Lynx, which had been floundering financially since late last year, was ordered by the Nasdaq to transfer its common stock to the smaller market because Lynx' market cap falls below the Nasdaq's minimum requirement.
The company's market capitalization stood at $8.1 million as of March 31, Lynx said.
Shares in Lynx will continue to trade under the ticker symbol LYNX, and the move to the junior market "should not interrupt the trading" in the stock, Lynx said. "Investors should experience no material difference in the way they obtain stock price quotes or news about Lynx," the company added.
Lynx drew $3.3 million in total revenue in the first quarter this year, a falloff from the $4 million the firm reported for the same period one year ago. Losses in the quarter swelled to $4 million from $3.8 million year over year.
In January Lynx laid off 25 percent of its staff, or 30 people. The layoffs marked the end of the company's proteomics-development efforts, including investment in its Protein Profiler, Lynx CEO Kevin Corcoran said in a statement. Last April the company shed 44 jobs.
"Our business strategy will focus on MPSS, our product that currently generates revenues for us primarily through genomics discovery services for our customers," said Corcoran.
In early December, the Nasdaq exchange threatened to delist Lynx for failing to keep its shares above its minimum closing price of $1 for 30 consecutive trading days.