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Trading in Nanogen Stock Likely to be Suspended Next Week

NEW YORK (GenomeWeb News) – Nanogen said on Friday after the close of the market that it has received a letter from Nasdaq stating that the firm is subject to delisting proceedings because it has not paid certain outstanding fees as required for continued listing on the exchange.

Nanogen said that it currently plans not to appeal the delisting notice, which means trading in its common stock would be suspended at the opening of business on March 23.

In addition to the pending delisting, Nanogen also disclosed in a filing with the US Securities and Exchange Commission that it has received a notice of default from General Electric related to the financing of certain equipment operated by Nanogen. The firm had failed to make certain scheduled principal and interest payments to GE under an agreement signed in June 2001.

Nanogen said that GE has the right to declare the debt of roughly $264,000 be immediately due and payable and to impose a default rate of interest of 18 percent on the debt. A default under the GE agreement also could cause a default under the firm's debentures, new notes, and bridge notes, it said. Under such a default, Nanogen's not holders may require the firm to redeem all or a portion of the notes at a redemption price in cash.

In early Monday trade on the Nasdaq, Nanogen's shares were down 33 percent at $.10 per share.

As of the end of 2008, Nanogen had around $3.1 million in cash, cash equivalents, and short-term investments.

Howard Birndorf, chairman and CEO of Nanogen, recently said that the firm's available cash resources "are not adequate to support our 2009 plan and therefore, we are aggressively continuing our efforts with Cowen & Co. to identify and evaluate strategic opportunities for our business."

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