PharmaNetics is moving to the Nasdaq SamllCap market this week.
Its stock still will trade under the symbol PHAR.
PharmaNetics stock recently has fallen under $5 a share, a drop of nearly $4 since April 1, and no longer meets the minimum market capitalization of $50 million as required by Nasdaq. The company has blamed its falling stock price and lowered earnings expectations on partner Aventis, which is supposed to be working with PharmaNetics in the marketing and sale of PharmaNetics’Enox diagnostic test. It is designed to monitor the effectiveness of a blood clot treatment drug sold by Aventis.
PharmaNetics has said since its most recently earnings announcement this summer that Aventis was not delivering sales as expected. PharmaNetics received a final milestone payment from Aventis in December. It was part of a $5 million contract over two years.