Current economic conditions are taking their toll on the biotech industry. Both companies are involved in research and development for cancer drugs and treatments. BD
Exact Sciences Corp., a Marlborough company trying to use genomics to develop cancer-screening technology, said today that its common stock will be transferred from the Nasdaq Global Market to the Nasdaq Capital Market, effective Friday.
The company said that the Nasdaq Listing Qualifications Panel is analyzing the company's plans for demonstrating compliance with the stock exchange's listing requirements and that "the panel may still determine to delist the company at any point in time."
Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced that on November 20, 2008 it received a Deficiency Notice from The NASDAQ Stock Market, LLC notifying the Company that it is not in compliance with NASDAQ Marketplace Rule 4450(a)(3) because the Company's stockholders' equity, as reported in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2008, did not meet the minimum of $10 million required for continued listing on The NASDAQ Global Market. This notification has no immediate effect on the NASDAQ listing or trading of the Company's common stock.