Response Genetics Regains Nasdaq ComplianceMonday, October 8, 2012
Response Genetics Inc. on Monday said that it has regained compliance with the Nasdaq Capital Market listing requirements.
The Los Angeles diagnostic test developer faced delisting because it had been unable to keep its share price above the market’s minimum requirements. But the stock received a significant boost on Sept. 13 when the company raised $8.8 million in a private placement of its stock, mostly acquired by one of its clients, British drug maker GlaxoSmithKline Plc. Shares jumped 37 percent that day, and have added 5 percent since then.
In recent quarters, Response Genetics’ stock had declined along with the company’s revenue as old service contracts expired. Chief Executive Thomas Bologna, who joined the company in December, said he is aggressively pursuing new collaborations with pharmaceutical clients.
Shares on Monday closed up 2 cents, or 1.6 percent, to $1.29.