The Arno Therapeutics Inc. board approved a plan to deregister the company's shares from the OTCQB.
The company plans to make a Form 15 filing with the U.S. SEC on March 30 after which the biopharmaceutical will no longer be required to file periodic and other reports.
Arno is evaluating strategic opportunities for its onapristone, AR-42 and AR-12 product candidates. Since January, the company has been taking action to reduce its expenses to conserve its cash and other resources as it evaluates potential alternatives.
Arno's decision to deregister allows it to eliminate legal, accounting and other administrative expenses that would otherwise be necessary if it remained a public reporting company.