The Toronto Stock Exchange (TSX) initiated a review of the eligibility for the continued listing of Response Biomedical in late November.
Response’s share price had traded below $0.68 for 30 days, which indicated that its market value had fallen below TSX’s $2 million minimum requirement. Seventy percent of Response’s shares are held by corporate officers and not counted in TSX’s determination of value.
Response is now more than a week into the 120-day period TSX gave it to become compliant with the terms of listing. If it does not meet the listing standards in that time, it will be removed from the TSX.
“We would pursue other listing alternatives in the U.S. and Canada including the TSX Venture Exchange,” Response Biomedical Chief Financial Officer Bill Adams told Patient Daily.
The TSX Venture Exchange is targeted toward venture capital for emerging companies, whereas the TSX itself is the senior equity market. Being delisted from the TSX may simply make the Venture Exchange a better fit for Response.
Adams did not comment on what plans Response has in terms of TSX’s review process, but he did say the company would address the issue.
Response Biomedical is responsible for the versatile RAMP on-site diagnostics platform for clinical, biodefense and environmental applications.
“Response clinical tests are commercially available for the aid in early detection of heart attack, congestive heart failure, Thromboembolism, influenza A and B and RSV,” Adams said. “In the non-clinical market, RAMP tests are currently available for the environmental detection of West Nile Virus and dengue fever antigen and for Biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin.”
The TSX and Response will continue monitoring the company’s market performance in the days to come to determine the appropriate next steps for public trading of Response’s stock.
Toronto Stock Exchange investigates Response Biomedical listing, details renewed eligibility requirements