BG Medicine | GenomeWeb

BG Medicine

The supply agreement was originally established between BG and the now defunct Health Diagnostics Laboratory, which was formerly BG's biggest customer.

The company, which counts fewer than 300 holders of its common stock, said that it was delisting due to the resources required to remain a public company.

BG aimed to use the test to assess risk of fatal cardiovascular events in older adults with no history of cardiovascular, cerebrovascular, or vascular disease.

The amendment changes product fees Abbott pays to BG Medicine for galectin-3 test sales in exchange for making two payments totaling $1 million.

The company was unable to comply with requirements including having a minimum bid price of at least $1 per share and stockholder equity of at least $2.5 million.

The decline was due to a drop in product revenues from sales of the company's BGM Galectin-3 test, which fell 52 percent to $274,000 in the third quarter.

The suspension results from the firm's failure to comply with Nasdaq listing requirements covering stockholders' equity and market capitalization.

The company's Q2 net loss was $2.0 million, or $.23 per share, compared to a net loss of $2.2 million, or $.26 per share, in the year-ago period.

The company said that it plans to use the funds to support the US launch of the first automated version of its galectin-3 cardiovascular biomarker test.

The reverse stock split was done in order for BG Medicine to remain listed on Nasdaq, which had warned the firm in September of possible delisting action.

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