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Vela Diagnostics

The firm was delisted from the Nasdaq during the third quarter, and reported a net loss of $29 million.

The company has received a number of warnings from the Nasdaq over the past year for its failure to meet the exchange's $35 million market value and $1 minimum bid price requirements.

The 1-for-80 split of the company's common stock, which will go into effect on Sept. 16, will reduce its outstanding shares to approximately 1 million.

The firm now has until Feb. 27, 2017 to achieve and maintain a $1 minimum list price on its shares for 10 consecutive days. 

Continued growth in its customer base and the adoption of the firm's Group B Strep assay drove the increase.

For the three months ended June 30, the Salt Lake City-based firm saw a 126 percent increase in US customers, from 115 to 260.

With the exception of $6 million available to the company immediately, the remainder will be distributed over 15 months beginning in February 2017.

The previously FDA-approved test uses PCR to detect Shiga toxin-producing Escherichia coli and serotype O157 directly from patient specimens.

The company was told in October that it was not in compliance with continued listing rules, and it also received a notice of potential delisting in April.

Two of the firm's assays were evaluated in posters presented at a recent conference, demonstrating good performance relative to commonly used non-molecular methods.

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