Ultrasound contrast agent developer Alliance Pharmaceutical will require additional financing, according to the firm. The San Diego-based vendor announced that it is focusing on improving its financial position, marketing its Imagent ultrasound contrast agent, and resuming clinical studies with its Oxygent intravascular oxygen carrier.
The company said it has also received a Nasdaq staff determination, stating that it is subject to delisting from the Nasdaq National Market due to noncompliance with the stock exchange's net tangible assets and stockholders’ equity requirements. Alliance has appealed the determination and requested a hearing before a Nasdaq listing qualifications panel, which will be scheduled within 45 days of the appeal, the vendor said.
At the panel hearing, Alliance will present its plan to meet the minimum requirements for listing on Nasdaq. The plan may include the restructuring of debt, a royalty license agreement or other investment associated with future Imagent revenue streams, and the possible licensing of Oxygent in areas of the world not covered by its agreement with Baxter Healthcare, according to the vendor.
By AuntMinnie.com staff writersAugust 16, 2002
Related Reading
Ultrasound contrast papers heat up ASE, June 13, 2002
Alliance gets clearance for Imagent, June 3, 2002
Alliance nears approval for Imavist, March 1, 2002
Alliance nets $15 million investment, December 3, 2001
Alliance completes reverse stock split, October 18, 2001
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