Cleveland BioLabs stock is in danger of being kicked off the Nasdaq Stock Market because the Buffalo-based biotechnology company doesn't meet the exchange's listing standards.
Cleveland BioLabs has 30 days to bring its shares into compliance with the Nasdaq's listing standards or apply to have its shares traded on the smaller Nasdaq Capital Market.
Cleveland BioLabs' Nasdaq listing is in jeopardy because the company's $26.53 million market capitalization is less than the $50 million market value required by the Nasdaq. To cross the $50 million threshold, Cleveland BioLabs' shares would have to rise to around $3.70, from the current price of $1.95.
The company also could meet the Nasdaq's listing requirements if its total assets and revenues topped $50 million during two of the last three years.
On a more positive note, the company said Monday that its Protectan anti-radiation drug fared well in a new study on laboratory mice, indicating that it could help counteract some of the harmful side effects resulting from chemotherapy treatments.
Michael Fonstein, Cleveland BioLabs' president and chief executive officer, said the latest test results show that Protectan has the potential to be a useful drug in the treatment of the side effects from chemotherapy -- a potentially huge market.