HemaCare Corp. on Monday said it had filed with the U.S. Securities and Exchange Commission to voluntarily deregister its common stock, citing the costs of remaining a public company.

The Van Nuys blood services company, which hasn’t had its stock trade above $1 in nearly five years, said it expects the deregistration to take place within 90 days. Shares at midday Monday fell more than 10 percent to 4 cents on the Pink Sheets.

“After extensive deliberation, we have concluded that deregistration of our securities will generate significant cost savings and allow greater management focus on our goal of profitable growth,” said Chief Executive Pete van der Wal in a statement.

HemaCare, founded in 1978, processes donated blood into cells such as plasma and platelets for therapeutic use. Despite deregistering its stock, it said it intends to continue releasing financial results and be audited annually.