Orexigen Therapeutics Inc. said it received a delisting notice from Nasdaq Stock Market LLC after filing for Chapter 11 bankruptcy protection.
The La Jolla, Calif.-based biopharmaceutical previously received a noncompliance notice after failing to meet Nasdaq's $50 million minimum market value of listed securities rule.
Orexigen was given until March 19 to present its case before the Nasdaq Hearings Panel. However, the company said it is not in the position to do so due to lack of sufficient materials.
The company expects to receive a delisting determination from the Panel, along with the trading suspension of its securities on the Nasdaq Global Select Market.
