NEW YORK (GenomeWeb News) – Nasdaq has notified BG Medicine that the company has not regained compliance with a listing requirement calling for at least $50 million in market value of its listed securities for continued listing on the exchange, BG Medicine said in a regulatory document.
In the document filed with the US Securities and Exchange Commission on Friday, the company said that it received written notice from Nasdaq's staff of the listing qualifications department on Nov. 14. As a result of the finding, BG Medicine may be delisted from Nasdaq.
The company had been warned in May that it was not in compliance with the listing rule and had until Nov. 11 to regain compliance. The May warning was the second time in six months that BG Medicine had been told by Nasdaq that it did not meet that listing requirement, following a similar notice in December 2012, though the company regained compliance the first time around in January.
BG Medicine was also warned by Nasdaq in September that it failed to meet a listing requirement that a company maintain a minimum closing bid price on its stock of at least $1 for at least 30 consecutive business days. It has until March 24, 2014 to regain compliance with that rule.
The firm said in its SEC document that it intends to request a hearing with the Nasdaq listing qualifications panel. BG Medicine said that at the hearing it may request a transfer to the Nasdaq Capital Market and seek an extension in order to complete a plan to demonstrate it is in compliance with requirements for listing on that market.
BG Medicine currently lists on the Nasdaq Global Market, which has higher listing requirements than the Nasdaq Capital Market. The company said that, in particular, it may demonstrate that it meets a listing requirement for the Nasdaq Capital Market calling for either a minimum of $2.5 million in stockholder's equity or a market value of at least $35 million.
Earlier this month, Waltham, Mass.-based BG Medicine said that revenues in its third quarter increased 56 percent year over year to $1.0 million.
In afternoon trading on Monday, shares of BG Medicine were up a fraction of 1 percent at $.61