NEW YORK (GenomeWeb News) – Interleukin Genetics said today that it has submitted a plan to the New York Stock Exchange's Alternext market for regaining compliance with the exchange's continued listing requirements.
The Waltham, Mass.-based firm announced at the end of December that it had received a letter for the Alternext saying that it was not in compliance with certain listing criteria. Specifically, the firm's stockholders' equity is less than $6 million and it has reported losses from continuing operations and net losses in its five most recent fiscal years.
Interleukin said that it expects the exchange to formally respond to its plan within 45 days. If the plan is expected, Interleukin would continue to float on the exchange up to June 23, 2010, and would be subject to periodic review. If the plan is not accepted, it would have the right to appeal the decision.