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Nanosphere Receives Deficiency Letter from Nasdaq

NEW YORK (GenomeWeb) — Nanosphere on Friday disclosed in a US Securities and Exchange Commission filing that it has been issued a letter from Nasdaq notifying the company that it is not in compliance with one of the requirements for continued listing.

Specifically, Nasdaq said that, for the last 30 days, the closing bid price of Nanosphere's common stock has not met the minimum required closing bid price of at least $1.00 per share. Nanosphere has been given 180 days leading up to March 18 to regain compliance with the minimum bid price by maintaining a closing bid price of at least $1.00 for 10 consecutive business days.

Nanosphere said it is currently evaluating various alternative courses of action to regain compliance.

Earlier this month the Northbrook, Ill.-based molecular diagnostics firm disclosed that it is exploring potential strategic alternatives and has hired Jeffries as an advisor. Last month the company reported that second quarter revenues were up 42 percent year over year, but also lowered its full-year 2014 revenue guidance to $14 million from a previous range of $19 million to $21 million.

In early Monday trading on Nasdaq, shares of Nanosphere were down 4 percent to $0.61.