Shares of EpiCept Corp. were higher by a penny a share in afternoon trading today, at 48 cents a share, after reaching a 52-week low of 44 cents a share Friday, following news that the companyâ€™s shares face renewed scrutiny by Nasdaq officials.
The Eastview-based biotechnology company said Friday it was notified two days prior that it hadnâ€™t yet regained compliance with a regulation that requires the companyâ€™s shares to maintain a market value of $35 million for 10 consecutive trading days.
Last month, Nasdaq officials gave EpiCept until May 5 to regain compliance with the listing requirement.
With last weekâ€™s news, EpiCept said it plans to seek a hearing with Nasdaq officials.
EpiCept shares also face delisting for failing to maintain a minimum $1 a share bid price, Nasdaq officials warned the company last month. The company. which is developing treatments for pain and cancer, has until Oct. 13 to regain compliance with minimum-bid price rules.
In the event the companyâ€™s shares are delisted, EpiCept said, they may be eligible to trade on the over-the-counter market, an informal method for trading stocks.