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news.EXACT Sciences Corporation (EXACT Sciences), a in vitro diagnostics company, has received a deficiency notice from The Nasdaq Stock Market (Nasdaq) on march 6, 2009. Nasdaq had determined that the company is not in compliance with the minimum $2.5 million stockholders' equity, $35 million market capitalization or $500,000 net income requirements for continued listing on The Nasdaq set forth in Marketplace Rule 4310(c)(3).
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In accordance with Marketplace Rule 4310(c)(8)(C), the company has been provided a period of 90 calendar days, through June 4, 2009, to regain compliance with the Rule. The company will evidence compliance with the Rule if it maintains a minimum $35 million market value of its common stock for at least 10 consecutive business days or stockholders’ equity of at least $2.5 million. If the company has not regained compliance with the Rule by June 4, 2009, the Staff will issue a letter notifying the company that its common stock is subject to delisting. At that time, the company may appeal the Staff’s determination to a Listings Qualifications Panel, which appeal will stay any delisting action by the Staff pending the Listing Qualifications Panel’s consideration of the matter. The company is exploring options to regain compliance.
As earlier announced, on January 27, 2009, EXACT consummated a strategic relationship with Genzyme Corporation for total cash proceeds of up to $24.5 million, including $22.65 million received at closing, with an additional $1.85 million to be received by July 2010, contingent upon the non-occurrence of certain events. Based on current expectations and operating assumptions, EXACT believes that its cash resources should last into 2011.