NEW YORK (GenomeWeb News) – Monogram Biosciences has received a staff deficiency letter from the Nasdaq Stock Market indicating that the firm failed to comply with a listing requirement regarding the market value of its stock.
The South San Francisco, Calif.-based pharmacogenomic test maker said that Nasdaq informed the firm on Dec. 3 that for the previous 10 consecutive business days the market value of Monogram’s listed securities was below the minimum $50 million required for listing on the Nasdaq Global Market. The company also is not in compliance with an alternative requirement, which requires that its total assets and total revenues be at least $50 million each for the most recently completed fiscal year or two of the last three most recently completed fiscal years.
Monogram has been given until Jan. 2, 2009, to regain compliance with listing requirements. If the firm fails to regain compliance, Nasdaq will notify Monogram that its shares will be delisted, after which the firm could appeal the decision.
However, Monogram noted that it expects to establish compliance with the alternative listing requirement at the end of fiscal 2008. Monogram expects to have total assets in excess of $50 million and revenues exceeding $60 million for the year, which ends Dec. 31.
For the nine-month period ended Sept. 30, Monogram reported revenues of $47.1 million and finished the period with total assets of $74.4 million.