NEW YORK (GenomeWeb News) – BG Medicine said after the close of the market Friday that it has been notified by Nasdaq for the third time in less than a year that it does not fulfill a requirement for continued listing on the exchange.
In a document filed with the US Securities and Exchange Commission, the Waltham, Mass.-based company said that it received written notice from the Listing Qualifications Department of Nasdaq on Sept. 23 that for the preceding 30 consecutive business days, it had failed to maintain a minimum closing bid price of $1 per share as required for listing on the Nasdaq Global Market.
BG Medicine has 180 calendar days, or until March 24, 2014, to regain compliance by having its stock achieve the minimum $1 per share closing bid for a minimum of 10 consecutive days during the 180-day grace period. If the company does not regain compliance by March 24, it will be subject to delisting. It can then appeal the Nasdaq staff's determination to a Nasdaq Listing Qualifications Panel and request a hearing.
In May, the company was notified by Nasdaq that it did not meet the minimum market value requirement for listing on the exchange. This followed a similar notification in December 2012.
BG Medicine regained compliance following the December notice, but it has yet to regain compliance with regard to the May notification.
The company also announced today a preliminary decision by the Centers for Medicare and Medicaid Services to set the Medicare payment rate for its BGM Galectin-3 test at the level of a crosswalked test whose 2013 national limitation is $30.24. The test is marketed as an aid in assessing the prognosis of patients with chronic heart failure.
If maintained, this decision, which is subject to a final determination by CMS by the end of the year, will replace the BGM Galectin-3 test's current national limitation, which is set for $17.80 in 2013. The preliminary decision comes in response to BG Medicine's request for reconsideration of the 2013 CMS determination.