NEW YORK (GenomeWeb News) – Exact Sciences has received notice from the Nasdaq Stock Market that it is not in compliance with the Nasdaq Global Market’s listing’s requirement of a minimum $40 million market capitalization, the company said today.
Exact Sciences’ market cap is currently $36.4 million.
The company has 30 calendar days, or until Aug. 11, to regain compliance by maintaining a minimum $50 million market value for at least 10 consecutive business days.
If the company has not regained compliance by that time, it will face delisting proceedings, which it can appeal. Alternatively, it may apply to transfer its shares to the Nasdaq Capital Market, which requires a minimum market capitalization of $35 million.
Exact said in a statement that it “believes that it meets the continued inclusion requirements for listing on the Nasdaq Capital Market.”
Exact announced yesterday that it is beginning clinical studies for its DNA-based colorectal cancer screening test and that it plans to file for 510(k) approval for the test with the US Food and Drug Administration by the third quarter of 2009.