Fibrocell Science Inc (NASDAQ:FCSC)
Fibrocell Science Inc (NASDAQ:FCSC) received notice from the NASDAQ Stock Market LLC (NASDAQ) confirming that it has regained its compliance status with the stipulated minimum bidding price under the listing rule of NASDAQ. Fibrocell Science is a gene therapy entity engaged in autologous skin therapies as well as diseases related to connective tissues.
According to the notice, Fibrocell has endeavored to comply with all the standards and requirements for listing hence its stock will continue being listed at The NASDAQ Capital Market. Following the compliance, NASDAQ now considers the matter fully resolved. Previously, the company had been issued with a non-compliance notice by NASDAQ after failing to meet the minimum bid price as required by NASDAQ Capital rules. It is a requirement that companies set a minimum bid price of $1 and above for 30 consecutive trading sessions. For Fibrocell to regain the compliance status, it was required to keep a minimum closing price of of $1.00 and above for 10 consecutive trading sessions. The company attained the requirement on March 24, 2017.
To gain compliance, the company implemented a 1:3 reverse stock split on March 13, 2017. The company’s shareholders voted to authorize the reverse stock split during a Special Stockholder Meeting that was held on March 1, 2017. The Board of Directors also approved the action.
Fibrocell is an autologous gene and cell therapy company that is engaged in the translation of customized biologics into medical successes for skin and connective tissue diseases. FCX-007 is Fibrocell’s product candidate which started Phase I/II study for recessive dystrophic epidermolysis bullosa (RDEB) treatment. The company is currently in the pre-clinical stage in the development of FCX-013 the product candidate for linear scleroderma treatment.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.