NEW YORK – T2 Biosystems said this week that it was notified by the Nasdaq on June 20 that the closing price of its shares had fallen below the required minimum bid price of $.10 per share for continued listing on the exchange. In a US Securities and Exchange Commission filing, the firm said it also has a hearing scheduled for July 6 on an appeal filed by the company in response to a May 23 notice from the Nasdaq that the firm had failed to regain compliance in the past six months with the required $35 million minimum value of listed securities. The firm said it will present a plan to regain compliance with both requirements, including a potential reverse stock split.
Aspira Women’s Health said this week that the Connecticut Department of Economic and Community Development (DECD) has determined that Aspira has met the job creation and retention requirements of the 2016 loan agreement between the company and the DECD, and as a result, Aspira is entitled to a credit of $1 million toward its outstanding loan balance. Following forgiveness of the $1 million, Aspira’s total outstanding debt obligations will be approximately $1.6 million. Separately, the DECD agreed to defer all principal and interest payments on the outstanding loans until Dec. 1, 2023.
VolitionRx announced this week that the underwriters of its $16.5 million public offering announced earlier this month have exercised their option to purchase an additional 1.95 million shares to cover over allotments. The option brings the total gross proceeds to $19.0 million before underwriting commissions and other offering expenses. The offering closed on June 23. The company said it plans to use the proceeds for research and continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes.
Biological materials management and standards organization ATCC said this week that it has been awarded a task order by the US Department of Health and Human Services' Biomedical Advanced Research and Development Authority to operate BARDA's Clinical Studies Network's Biological Specimen and Investigational Product (BSIP) storage facility. ATCC will also provide central services and storage and distribute the facility's clinical samples and investigational products for studies supported by BARDA. The task order is specifically for the storage of biosafety level 3 select agents and non-select agent materials for BARDA under the BSIP program. According to an ATCC spokesperson, the contract is for seven years with a one-year base term and six one-year options. The base year term is valued at $246,676. If all options are executed, the contract will have a value of $2.39 million. The government can use the clinical samples for various purposes including diagnostics or vaccine development, though the decision is up to the government, the spokesperson said.
Devyser has opened a CLIA-certified laboratory in Atlanta. It will offer clinical test services for hereditary diseases, oncology, and post-transplant monitoring. The lab will scale as demand grows, Devyser said, and will initially focus on clinical testing services for healthcare providers and patients in the US. The firm is currently working on reimbursement for each of the tests provided.
In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.