Curative faces Nasdaq delisting
Nashua-based Curative Health Sciences has received notice that it faces delisting from the Nasdaq stock market unless the aggregate value of its shares reaches $15 million by February 8, 2006.
On Nov. 10, the Nasdaq notified the company that unless the minimum aggregate market value of publicly held shares reaches $15 million or more within 90 days, or by Feb. 8, 2006.
On Nov. 9, the firm also was notified by the stock market that it also faces desisting unless its stock price rises above $1 a share for an extended period.
The Nov. 9 notice was triggered after the company’s common stock closed below the minimum $1-per-share requirement for continued listing on the Nasdaq for a 30-day period.
Curative will be given until May 8, 2006, to regain compliance with the minimum-trading standard by having its shares close above $1 for a minimum of 10 consecutive trading days. If the stock fails to meet that standard, it will be delisted.
In either event, if the stock is delisted, the company will have a chance to appeal the action.
The wound and infusion supplies manufacturer has undergone months of steadily mounting debt, largely stemming from changes in Medicare reimbursement and several lawsuits concerning improper billing practices at affiliated pharmacies.
Personnel issues also have plagued the company. In late September, Curative also fired a key executive for alleged fraud. In October, six customer service representatives managing hemophilia patients whose accounts total $25 million in annual revenue resigned from Curative.
Company officials have said that an ad hoc committee of bondholders is meeting with legal counsel to discuss Curative’s future.
Curative shares closed Wednesday trading at 50 cents per share. – CINDY KIBBE