NEW YORK (GenomeWeb News) – Vermillion said that it has received a non-compliance warning letter from the Nasdaq Stock Market because it has failed to maintain a minimum bid price of $1 over the past 30 business days.
Vermillion was previously called Ciphergen. Trading opened for the company under the symbol "VMRL" on August 27, when it was trading at just over $.80 a share.
The stock's value ticked up to $.93 a share two days later, after Vermillion published a study showing how a protein biomarker it had developed may help to diagnose peripheral artery disease.
Nasdaq has given the company an initial period of 180 calendar days, or until March 4, 2008, to trade above the $1 minimum listing price for 10 or more consecutive business days.