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Sequenom Again Misses by One Day Triggering Nasdaq Delisting Warning

NEW YORK, Dec. 3 (GenomeWeb News) - For the second time in four months, Sequenom missed by a single day being sent a delisting warning letter from the Nasdaq exchange for failing to keep the closing price of its shares above $1 for 30 consecutive trading days.

 

On Friday, the stock closed at $1.02, which was the first day in the past 30 that the equity has closed above the Nasdaq's minimum threshold. Sequenom in September escaped receiving such a letter from the Nasdaq by a similar one-day margin.

 

On Aug. 5, Sequenom shares closed below $1 for first time in the company's history. Over the ensuing 84 trading days, the stock had closed below $1 on 71 days, while closing above $1 on 13 days.

 

Since last Wednesday, shares in the San Diego-based high-throughout genotyping instrument company increased 12 percent in unusually high volume soon after it said that a major USuniversity has used its genotyping technology to identify SNPs in E. coli.

The stock has slid from a high of $4.50 in late January to around a dollar, where it has hovered since mid-August. Had the stock closed below $1 on Friday, it would have marked 30 consecutive trading days that the shares have traded below the Nasdaq's minimum benchmark.

 

Companies failing to trade for that minimum during that period are sent a warning letter from the exchange. These firms risk being delisted from the Nasdaq National Market or being demoted to the Nasdaq SmallCap market.

Last week, Sequenom said that the Universityof Californiaat San Diegohad used its flagship MassArray technology to conduct automated, high-throughput mutation-detection studies on E. coli.

The research, led by Bernhard Palsson, professor of bioengineering at UCSD, is published in the December issue of Genome Research.

Charles Cantor, Sequenom CSO, said that the research represents the first time that the company's MassArray platform has been used to conduct high throughput genetic analysis of bacteria, and provides a foundation for the development of large scale comparative sequencing processes using the technology.

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