Aksys (Lincolnshire, Illinois) said it was unable to comply with NASDAQ listing requirements set forth in a Nov. 2 panel decision and therefore expects its shares will be delisted from The Nasdaq Capital Market.
Aksys has been and continues to seek several financing alternatives, it said, but has not yet completed its financing.
“We are encouraged by the continuing interest in our company. Unfortunately we were not able to complete our financing within the short time period required to maintain our listing on The Nasdaq Capital Market. We remain dedicated to completing a financing that best meets our long term objectives,” said Howard Lewin, president/CEO of Aksys.
The Nasdaq gave Aksys until Nov. 30 to complete an equity financing and/or the conversion of outstanding preferred stock and debt securities held by Durus Life Sciences Master Fund into common stock, such that Aksys was able to demonstrate a market value of listed securities of $35 million or greater by Nov. 30 and sustain such market value for a minimum of ten consecutive trading days thereafter. Based upon the company’s stock price, the previously contemplated conversion of Durus debt and preferred stock would have been insufficient to satisfy and maintain the $35 million market capitalization requirement. Durus has told the company that in light of its stock price, Durus will not convert its preferred stock and debt into common stock at this time.
Aksys develops hemodialysis products and services for patients suffering from kidney failure.