T2 Biosystems Regains Compliance With Nasdaq Listing Requirement

Original from: 360dx

T2 Biosystems announced Wednesday that it has regained compliance with a listing requirement to remain on the Nasdaq.​

The Lexington, Massachusetts-based maker of fully automated molecular diagnostic instruments and assays to detect sepsis said it received a letter regarding compliance from the Nasdaq on Tuesday. Specifically, the firm was told that it has regained compliance with the exchange's requirement that a company have a market value of at least $35 million in listed securities.

T2 Bio was notified in November that the Nasdaq determined it could delist the company for failing to fulfill that requirement for a period of 30 consecutive business days. The firm appealed the determination in February. 

The firm was granted an exception to the requirement in March, but it had to maintain a market value of listed securities of at least $35 million for at least 10 consecutive trading days before May 20. This requirement was met on May 16, T2 Bio said in a statement, adding that it is currently in full compliance with Nasdaq's continued listing requirements.

T2 Bio recently announced a new strategy to offer its Lyme disease testing as a laboratory-developed test and signed a nonbinding letter of intent to enter into a strategic partnership with Eco Laboratory, a Massachusetts-based CLIA lab, to support the strategy. The firm also raised $8 million in a private placement earlier this month.

Shares of T2 Biosystems were down approximately 1 percent at $5.42 in Wednesday morning trading.

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Source: T2 Biosystems Regains Compliance With Nasdaq Listing Requirement