Following breaching minimal listing criteria, Vaccinex (VCNX, Financials) will be delisted from Nasdaq, the firm said. As the company negotiates clinical trial developments and financial challenges, shares dropped 62.6% to settle at $1.36 on last look.
According to Nasdaq Listing Rule 5550(b), Vaccinex was warned on December 16, 2024, that its shares will be delisted for non-compliance with its equity requirement of $2.5 million. Offically stopping on December 18, 2024, at market open, Vaccinex intends its shares to move to the OTC Markets Group with the current symbol VCNX.
With a cash balance of $5.2 million in its most recent quarterly statement, the delisting draws attention to the mounting financial strain the Rochester, N.Y.-based biotechnology company reports. As Vaccinex advances its main treatment, pepinemab, throughout many clinical studies, losses have increased.
Vaccinex, with headquarters in Rochester, New York, focuses on treatments for malignancies and neurological illnesses. Targeting semaphorin 4D (SEMA4D), a protein associated to inflammatory pathways in brain diseases and immune system inhibition in malignancies, pepinemab, its main medication candidate, acts.
Citing good pre-clinical data in immune-oncology settings, Vaccinex is also looking into possible licencing agreements and alliances to hasten the development of pepinemab.
Driven by rising R&D expenses, the company's net losses in financial terms expanded to $14.3 million in its latest stated quarter. Vaccinex stressed, however, its emphasis on progressing its main medication candidate and discussed strategic actions to increase liquidity.
Retaining worldwide commercial rights to pepinemab, Vaccinex presents a possible major benefit for combination treatments in cancer and chronic brain illnesses.
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