DURHAM, N.C. — Drug development firm Icagen, its stock value ravaged in August after disappointing news about its lead drug candidate, may be delisted from the NASDAQ.
Icagan (NASDAQ: ICGN) said Monday it had received a notification from the exchange warning that it might be delisted after the value of its stock posted below NASDAQ minimums for 30 consecutive business days.
Icagen shares have traded below $1 since Sept. 19. The company has until April 27 to regain compliance. Its shares closed Monday at 81 cents, down 2 cents.
The drug development firm’s stock traded at a 52-week high of $9.25 in March. Its value faded over the rest of the year then nose-dived on Aug. 4 when Icagen said a clinical trial for a proposed sickle cell disease encountered problems. A review committee recommended that patients not receiving a parallel treatment be withdrawn.
The news sent Icagen shares down more than 70 percent to as low as 86 cents. Icagen shares had opened the day at $4.24. More than 10.9 million shares traded hands, compared to the average daily volume of 17,592 shares.
For an earlier story about the stock price collapse, see: localtechwire.com/article.cfm?u=14703
Icagen: www.icagen.com
