Skip to main content
Premium Trial:

Request an Annual Quote

Nasdaq Gives Pharsight the Boot; Company Plans Not to Appeal

NEW YORK, Nov. 4 - The Nasdaq exchange will delist Pharsight this Friday for failing to keep its share price above $1 for 120 days, the company said today.

 

Shares in Pharsight last traded at or above $1 on Aug. 21, according to the Nasdaq. Company officials, which will not challenge the Nasdaq decision, were not immediately available for comment.

 

Struggling for breathing room, Pharsight in mid-July kicked off a company-wide restructuring plan designed to save as much as $3 million in annual operating costs. The plan called for the creation of three distinct business units and a 15-percent reduction in headcount.

 

One week later, the company appeared to have gained some traction. Fiscal first-quarter net loss narrowed after expenses were trimmed by $2.6 million, including a $500,000 cut in R&D spending, atop a 26-percent jump in total revenue.

 

But over the ensuing three months, despite securing $4.4 million in the second round of a two-round private-equity tranche, Pharsight saw its luck start to fizzle. Revenue for the period ended Sept. 30 fell to $3.3 million from $3.7 million one year ago, and R&D spending nose-dived to just $900,000 from $1.7 million year over year, Pharsight said.

 

The company, which held around $13.4 million in cash, cash equivalents, and short-term investments as of Sept. 30, now said it wouldn't break even by next summer. Pharsight will "acieve this milestone at a later date," said Michael Perry, president and CEO.

The Scan

Myotonic Dystrophy Repeat Detected in Family Genome Sequencing Analysis

While sequencing individuals from a multi-generation family, researchers identified a myotonic dystrophy type 2-related short tandem repeat in the European Journal of Human Genetics.

TB Resistance Insights Gleaned From Genome Sequence, Antimicrobial Response Assays

Researchers in PLOS Biology explore M. tuberculosis resistance with a combination of sequencing and assays looking at the minimum inhibitory concentrations of 13 drugs.

Mendelian Disease Genes Prioritized Using Tissue-Specific Expression Clues

Mendelian gene candidates could be flagged for further functional analyses based on tissue-specific transcriptome and proteome profiles, a new Journal of Human Genetics paper says.

Single-Cell Sequencing Points to Embryo Mosaicism

Mosaicism may affect preimplantation genetic tests for aneuploidy, a single-cell sequencing-based analysis of almost three dozen embryos in PLOS Genetics finds.