Sheffield Medical Technologies announced that it delisted fromthe Vancouver Stock Exchange on Thursday, but will continuetrading in the U.S.
The company (NASDAQ:SHEF) began trading Feb. 12 afterraising $5 million from the sale of its units in the U.S.
"We were very fortunate to be reportedly the only biotechcompany to succeed in raising money publicly duringextremely difficult market conditions in February," ArthurJenke, the company's chief financial officer said.
The offering was not technically an IPO because a very limitedover-the-counter market for the stock had existed in the U.S.since early 1992. The units were split April 5 into two sharesof common stock and one common stock purchase warrant.
The Houston company delisted in Canada to reduce costs andbecause it has no employees there.
Sheffield used the "reverse takeover" approach by entering thecorporate shell of a dormant mining company to access publicfinancing in Canada, he said, "because the U.S. venture capitalcommunity was too slow to react and too expensive." -- NancyGarcia
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