The Nasdaq Listing Qualifications Panel has decided to delist Acusphere’s common stock from the Nasdaq Stock Market, effective with the open of business on Jan. 9.
The delisting is the result of the company’s failure to meet the $2.5 million stockholders’ equity requirement for continued listing on the Nasdaq Capital Market or one of the alternative continued listing criteria.
As of Friday, Acusphere said it expects that its common stock will be eligible for trading on the Over-the-Counter Bulletin Board (OTCBB), an electronic quotation service maintained by the Financial Industry Regulatory Authority. The company’s shares are expected to continue to trade under the symbol ACUS.
In other company news, Richard Walovitch, PhD, senior vice president of clinical research, has resigned to pursue another opportunity, according to the Watertown, Mass.-based company.
His resignation, effective Jan. 9, follows an 11-year career with Acusphere, in which he oversaw clinical trials for its lead product candidate, Imagify (Perflubutane Polymer Microspheres) for injectable suspension, a cardiovascular drug for the detection of coronary artery disease, which addresses a potential $2 billion U.S. marketplace. In early December, an FDA panel rejected the regulatory application of the heart contrast agent due to its associated risks.
“I am very proud to have been associated with Acusphere’s efforts on behalf of Imagify, and our work to demonstrate its benefits to patients and physicians. As the company awaits completion of the review by the U.S. Food and Drug Administration, now is the right time for me to move to the next phase of my career,” said Walovitch.