Anthera Pharmaceuticals Inc. received a notice of noncompliance from Nasdaq Stock Market for failing to meet the minimum $1 bid price requirement.
The Hayward, Calif.-based company recently started a personnel reorganization plan to align its resources, after announcing plans to discontinue its pancreas drug Sollpura after another late stage trial failure.
Anthera, which is exploring strategic deals, said a potential deal could require the post-transaction entity to meet all of Nasdaq's initial listing criteria and complete the exchange's initial listing process.
The company may appeal Nasdaq's determination to a hearings panel within seven days from the receipt of the letter, which will stay the suspension of its securities pending the panel's decision.
Anthera, which develops and sells medicines for patients with unmet medical needs, plans to appeal the exchange's determination.
