Angiotech Pharmaceuticals Inc.’s (OTC:ANPI) shares are no longer traded on NASDAQ as of today.
The Vancouver-based company failed to regain compliance with the stock exchange’s listing rules within a 180-day period that ended Jan. 3.
NASDAQ warned the company (PDF) in July about its requirement for a minimum bid price of $1 for listed securities.
The Funding Model for Cancer Innovation is Broken — We Can Fix It
Closing cancer health equity gaps require medical breakthroughs made possible by new funding approaches.
ANPI shares were down about 1.6 percent for the day, closing at less than 21 cents.
Angiotech staked its fortunes to Boston Scientific Corp. (NYSEBSX) and the Taxus drug-eluting stent for which Angiotech makes the drug paclitaxel, but it has struggled with sales of the stent in the cellar and still falling.
Royalties from Taxus sales — Angiotech pulls in about 6 percent of net sales worldwide — were off by 50 percent during the three months ended on June 30, and 56 percent in the three months ending Sept. 30, when compared to the same periods the previous year.
The dropping revenues have added up for the company and it postponed payment of $9.7 million in interest on debt in November. The same month, the company reported disappointing earnings for its 2010 third quarter, posting a net loss of $18.5 million, or 22 cents per diluted share, on sales of $59.0 million during the three months ended Sept. 30. That compares with a loss of $7.8 million, or 9 cents per diluted share, on sales of $63.2 million during the same period last year.
Market Trends to Watch for Health Systems and Their Specialty Pharmacies
The future looks bright for the integrated specialty pharmacy model – for health systems, providers, and most importantly, for patients.
Looking to put some eggs in baskets other than Boston Scientific’s, Angiotech is working with Athersys Inc. (NSDQ:ATHX) to develop MultiStem, a stem-cell-based cardiovascular treatment. In November the company entered a private label deal to supply Hologic Inc. (NSDQ:HOLX) with a soft tissue biopsy instrument. The company also signed a deal in November to offload its Lifespan vascular graft business to LeMaitre Vascular Inc. (NSDQ:LMAT) for $3 million.
Angiotech’s common shares will still be tradable on the Toronto Stock Exchange under the trading symbol “ANP,”according to the company.
Related articles
- Angiotech Pharma cells Lifespan vascular graft business for $2.8M (medcitynews.com)
- Hologic to distribute Angiotech breast biopsy device (medcitynews.com)
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
This post appears through the MedCity Influencers program. Anyone can publish their perspective on business and innovation in healthcare on MedCity News through MedCity Influencers. Click here to find out how.