By Denny Jacob
Abeona Therapeutics Inc. said Friday it requested an extension to regain compliance with the Nasdaq Capital Market and it intends to seek approval of a reverse stock split as part of its strategy to regain compliance.
The clinical stage biopharmaceutical company said it requested a 180-calendar-day extension in order to comply with the minimum closing bid price requirement of $1 a share. It said it intends to seek approval for the reverse split at a special shareholder meeting on June 14.
Abeona on Friday also posted its first-quarter results. The company widened its net loss to $20.8 million, or a loss of 14 cents a share, for the quarter ended March 31, compared with a net loss of $16 million, or 17 cents a share, in the year-ago period.
Revenue climbed to $346,000 compared with no revenue a year earlier.
“During the quarter, we took significant steps to preserve our capital with the goal to fund operations over the next 12 months with existing cash resources,” Chief Executive Vish Seshadri said in prepared remarks.
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