Onconova Therapeutics Inc. has regained compliance with Nasdaq's $1 minimum bid price listing rule.
Onconova was notified by Nasdaq in May that it was no longer in compliance with the rule, which requires all trading companies to maintain a stock price of at least $1 for a minimum of 10 consecutive business days. Onconova was given until Nov. 5 to regain compliance.
The Newtown, Pa.-based company implemented a 1-for-15 reverse split of its common stock in September to get back in line with the rule. Onconova stock began trading on a split-adjusted basis as of Sept. 26, and by Oct. 9 had met the 10-day requirement of trading over the $1 bid price.
Onconova develops small molecule product candidates to treat cancer.