Contrast agent developer Palatin Technologies has received a warning from the NYSE Alternext US stock exchange, advising the Cranbury, NJ-based firm that it is not in compliance with the exchange's listing standards, the company said.
Palatin's stockholders' equity is less than the required $4 million, and it has losses from continuing operations and net losses in its five most recent fiscal years, the exchange warned. The company's stock has been trading below 25¢ per share over the past seven months, and the exchange urged Palatin to perform a reverse stock split.
Palatin will submit a plan to comply with the exchange's standards by January 23, 2009. If the plan is accepted, the company may be able to continue listing through July 23, 2010, Palatin said.
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