Wednesday, September 9, 2009
Metabasis Therapeutics Gets Delisting Notice
Putting another nail in the coffin for Metabasis, the San Diego biotech company reported late Wednesday that it has received a notice from the Nasdaq Stock Market that the firm faces delisting, due to the firm failing to comply with the minimum $2.5M stockholders' equity requirement for listing on the exchange. According to Metabasis, it is planning to request a hearing to appeal the delisting, which otherwise will take place on September 15th. Metabasis has been looking for a buyer, saying last week that it hired Merrihan Curhan Ford to shop the company; the firm has been deperately looking for financing or acquisition since May, when it began cut nearly all of its staff to help preserve cash. Metabasis was working on treatments for metabolic diseases.