NEW YORK, Feb. 13 - NaPro BioTherapeutics, which last month bought Pangene's genomics business, today said it will transfer from the Nasdaq to exchange to the SmallCap exchange.
The company said it took the step after receiving a letter Feb. 6 from Nasdaq saying its market capitalization failed to stay above the $10 million minimum requirement.
NaPro will continue to trade on the Nasdaq exchange under its NPRO symbol until the order is processed. Robert Cohen, vice president of investor relations for NaPro, said he does not know when this application process will end. "It's done on a case-by-case basis, and there are many variables," he said.
Last month NaPro purchased Pangene's genomics business and will assume its equipment, software, licenses, patents, and intellectual property relating to its homologous recombination technology and gene-isolation services. The division will be physically relocated to NaPro's genomics center in Newark, Del.
Some Pangene genomics staff will also be transferred to NaPro, and others will remain in other capacities with Pangene, NaPro genomics division president Jeffrey White said Jan. 27. He declined to give further details about personnel changes.
Financial details of the acquisition were not disclosed.
Part of that portfolio includes Pangene's GeneGin Cloning System, an automated method to isolate and clone cDNAs without using conventional gene library-screening techniques.
The acquisition allows NaPro to offer full length gene isolation services, said White. "They are in the same field of gene repair and gene alteration, so there's a real nice fit there."