GenVec receives Nasdaq warning again
Gaithersburg-based GenVec, whose stock has tumbled this year after pulling the plug on one of its lead cancer treatments, has been notified that its stock price no longer meets Nasdaq Stock Market requirements.
GenVec stock, trading around 62 cents per share, has been below the minimum requirement of $1 per share for more than 30 consecutive business days. The company has until Nov. 8 to regain compliance, which requires trading at $1 per share or more for ten consecutive days.
GenVec shares have lost almost half their value this year.
The notification comes just four months after GenVec regained compliance following a previous warning about its stock price.
The Nasdaq notification does not currently affect GenVec's Nasdaq trading. If it fails to meet compliance by November, the Nasdaq can delist the stock.
"The company intends to actively monitor the bid price for its common stock between now and Nov. 8, 2010, and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement," GenVec said in a statement, with offering specific plans for boosting its share price.
In March, GenVec decided to shut down its advanced clinical trails for its lead pancreatic cancer drug after it failed to show significant differences from standard care.
The company is focusing on other vaccine research programs that are funded mostly through government grants. It is working on treatments for HIV, foot and mouth disease, influenza and malaria.
GenVec (NASDAQ: GNVC) also has a licensing agreement with Novartis AG for a hearing loss treatment.