Hana Biosciences faces Nasdaq delisiting
San Francisco Business Times - by Ron Leuty
Hana Biosciences Inc. faces delisting on the Nasdaq exchange.
The stock of the South San Francisco cancer drug developer (NASDAQ: HNAB) does not meet the exchange’s rule that require a minimum of $2.5 million in stockholder equity. It has until Dec. 4 to provide a plan for complying with the market’s rules or face delisting.
Hana is developing a handful of drugs, including Marquibo, which is in a Phase II trial to treat patients with non-Hodgkin’s lymphoma and acute lympoblastic leukemia, and Alocrest, a Phase I drug to treat solid tumors refractory to standard therapy or for which no standard therapy was known to exist.
Hana last month drew down $12.5 million from a $30 million facility provided by Deerfield Private Design Fund LP, Deerfield Special Situations Fund LP, Deerfield Special Situations Fund International Ltd. and Deerfield Private Design International LP. It drew down $7.5 million in November 2007.
The company, which had spent $17 million for operating activities through the first nine months of 2008, said it has enough capital to fund operations into fourth-quarter 2009.
Through the first nine months of the year, Hana lost $16.1 million.
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