Arrowhead Research, the parent firm of Calando Pharmaceuticals, said last week that it has received notice from the Nasdaq Stock Market that it does not comply with the exchange's $1 minimum bid requirement for continued listing.
The company said it has been given 180 days, until March 15, 2010, to regain compliance by maintaining a minimum closing bid price of $1 per share for 10 consecutive business days. If it does not regain compliance, Arrowhead's stock will be subjected to delisting, the company said.
Arrowhead has been struggling as of late with a deflated stock price and dwindling cash reserves. In August, the company said that it had shut down Calando's laboratory to trim costs, but that it was optimistic that it would be able to partner the subsidiary's RNAi drug-delivery technology (see RNAi News, 8/13/2009).