Receptech Corp. said late Friday that it had been notified by theNational Association of Securities Dealers (NASD) that its networth has fallen below the $1 million minimum required forlisting on NASDAQ's National Market System.
Receptech (NASDAQ:RECP), which was formed by Seattle-basedImmunex Inc. in 1989 to fund research and development ofreceptor products at Immunex, said it would seek a temporaryexception to the NASD bylaws that would allow it to continuetrading through next Jan. 31.
Immunex (NASDAQ:IMNX) has an option through 1995 to buyback Receptech stock at escalating prices of $26 to $52 a share,or to license either of its two product categories. The optionprice increases next Feb. 1.
Immunex Chairman Stephen Duzan said last May that if thedecision were to be made then, he would like Immunex tomove ahead with the acquisition, adding that Immunex hasuntil Jan. 31 to decide.
Receptech is funding development of two products,Interleukin-1 receptor and tumor necrosis factor (TNF)receptor now in clinical trials.
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