Nasdaq told the company that as of June 30 its shareholder equity does not meet the minimum $2.5 million required for its shares to remain listed on the exchange.
The firm provided updates on its bacterial pathogen detection and antimicrobial resistance testing for bacterial isolates and a direct-from-urine test.
The PCR-based test is designed to detect 47 antibiotic resistance genes in less than three hours from bacterial isolates to help guide treatment decisions.
Proceeds will be used for the anticipated regulatory submission of its gene panel test for urinary tract infections and drug resistance, among other things.
In an SEC document, the company said net proceeds are expected to be $5.8 million and will be used to support an anticipated submission to the FDA, among other things.
The company said it expects to submit its Acuitas assay for common causes of urinary tract infections to the US Food and Drug Administration early next year.
In a point-counterpoint in the Boston Globe, researchers discuss the potential of gene editing to prevent Lyme disease, but also the pitfalls of doing so.
