Aphton receives third Nasdaq delisting notice

By Angela McDaniels

Seattle, Jan. 3 - Aphton Corp. said received a notice of non-compliance from the Nasdaq Stock Market after its stock fell below $1 per share for more than 10 days.

The company said it plans to address the bid price deficiency through the adoption of a reverse stock split. A special meeting of stockholders to approve the plan is scheduled for Jan. 9.

The company received a delisting notice on Oct. 26 based on its failure to maintain a market value of listed securities of at least $35 million.

A 30-day period to regain compliance with Nasdaq's standards expired on Nov. 25, and the company received a second delisting notice on Dec. 5.

Aphton requested a hearing before the Nasdaq Listing Qualifications Panel, during which the company presented its plan to regain compliance.

In a Dec. 27 letter, Nasdaq informed Aphton that it will take the company's plans under consideration while deciding whether to continue listing the stock.

Aphton is a clinical-stage biopharmaceutical company based in Philadelphia that develops targeted immunotherapies for cancer.

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