Angiotech Pharmaceuticals Inc., unable to regain compliance with NASDAQ listing standards, is delisted from the exchange

Angiotech Pharmaceuticals Inc., unable to regain compliance with NASDAQ listing standards, is delisted from the exchange

April 14th, 2011 // 9:34 am @

Angiotech Pharmaceuticals Inc., unable to regain compliance with NASDAQ listing standards, is delisted from the exchange

Jan. 26, 2011: 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.

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. (NYSE:BSX) and the Taxus drug-eluting stent for which Angiotech makes the drug paclitaxel, but it has 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.

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.

 


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