Exact Sciences (Marlborough, Massachusetts) said it received notice from the Nasdaq stock market that it is not in compliance with marketplace rule 4450(b)(1)(A), which requires a listed security to maintain a minimum $50 million market capitalization for continued listing on the Nasdaq Global Market. This notice has no immediate effect on the company's listing and its common stock will continue to trade on the market.
In accordance with the rule, Exact will be provided a period of 30 calendar days, or until Aug. 11, to regain compliance with the rule. The company will regain compliance if it maintains a minimum $50 million market value of its common stock for at least 10 consecutive business days before Aug. 11.
If Exact has not regained compliance with the rule by Aug. 11, the Nasdaq staff will issue a letter notifying the company that its common stock will be delisted. At that time, the company may appeal the determination to delist its common stock to a listings qualifications panel.
Exact Sciences uses applied genomics to make screening technologies for use in the detection of cancer.
Vermillion looks to enhance proteomic tests
Vermillion (Fremont, California) said that it has engaged ThinkPanmure, a global, growth-company investment bank, to assist the company in identifying and evaluating strategic alternatives intended to enhance the potential of the company's proteomic tests (OVA1 and VASCLIR) and pipeline of proprietary biomarkers to maximize stockholder value.
"We continuously evaluate our strategic options to identify and develop prospects for maximizing value for all stockholders and look forward to working with ThinkPanmure in this regard," said Gail Page, president/CEO of Vermillion. "While reviewing the various alternatives, we will continue to advance our commercialization strategies, namely building marketplace awareness for our women's health, oncology, and cardiac programs which include the OVA1 and VASCLIR tests."
Vermillion makes diagnostic products in oncology, hematology, cardiology and women's health.
Merge regains Nasdaq compliance
Merge Healthcare (Milwaukee) it has received notification from the Nasdaq stock market that the company had regained compliance with Nasdaq marketplace rule 4450(a)(5) and that Nasdaq now considers the matter closed.
The company was notified on April 2 that it was not in compliance with the minimum bid price rule because shares of its common stock had closed at a bid price of less than $1 for 30 consecutive business days. At that time, in accordance with marketplace rule 4450(e)(2), the company was provided with 180 calendar days, or until Sept. 29, to regain compliance. Since then, the company's common stock maintained a closing bid price at $1 or greater for at least 10 consecutive business days.
Merge Healthcare makes medical imaging software.
VirtualScopics experiences increased backlog
VirtualScopics (Rochester, New York), a provider of quantitative imaging for clinical trials, said that its backlog currently exceeds $20 million compared to $9.3 million at the same time a year ago, a greater than 100% increase. Included in the backlog is approximately $11 million in 2008 project awards, and expansions to current studies, which compares to roughly $5.7 million for the same period in 2007.
"We are extremely pleased that our project backlog has exceeded $20 million for the first time in our history, this is a tremendous achievement for the company," said President/CEO Jeff Markin. "Our growth in backlog coupled with a greater than 90% year over year increase in new contract awards are the best indicators of the acceptance and demand in the marketplace for our services."
Lakewood Pathology now PLUS Diagnostics
Lakewood Pathology Associates (Lakewood, New Jersey) said it will adopt a new name, PLUS Diagnostics. PLUS is an acronym for Pathology Laboratory of the United States.
"Our new name — particularly the word PLUS — embodies our company's commitment to provide our customers with innovative and specialized services," said Doug Berg, CEO. "We are constantly looking at new ways to enhance our testing processes and procedures to ensure we are providing clients with superior diagnostic results. As a result, we have attracted customers from across the country and transformed Lakewood Pathology from a regional laboratory specializing in urology into a national anatomic pathology leader offering a range of multi-specialty services."