Massachusetts' Biostage Faces Possible Nasdaq Delisting But CEO Remains Bullish
Biostage, a Holliston-based biotech developing organ implants to treat cancers in the respiratory tract, said Monday it faces a possible delisting from the Nasdaq. But its CEO, a former top official at Genzyme, remains confident that the company will avoid that fate.
Biostage said Monday it had received a letter from the exchange stating that it failed to meet two minimum requirements for listing: a $1 share price and $2.5 million in stockholders' equity. The 25-employee company said it would request a hearing with a Nasdaq panel to discuss the issue. That request will automatically stay any move to delist Biostage, and could result in the company getting an extension until mid-November to meet the requirements.
Biostage said Monday it had received a letter from the exchange stating that it failed to meet two minimum requirements for listing: a $1 share price and $2.5 million in stockholders' equity. The 25-employee company said it would request a hearing with a Nasdaq panel to discuss the issue. That request will automatically stay any move to delist Biostage, and could result in the company getting an extension until mid-November to meet the requirements.