NASDAQ delisting: What happened to Accentia
Chalk up another casualty of the difficult economy. Tampa's Accentia Biopharmaceuticals, a small pharmaceutical run by CEO Francis O'Donnell Jr., has agreed to have its stock (ticker: ABPI now changed to ABPI.PK) delisted from NASDAQ because its market value fell below the minimum $35-million. (It's now $11.6-million.) Accentia no trades on the Pink Sheets, though the company hopes to move to the less ambiguous Over the Counter bulletin board soon.
That may be tough going for now. Accentia's outside accounting form has expressed doubt the company can continue as a "going concern" for at least a year now. And while young pharmaceutical businesses tend to spend plenty looking for a big-hit-drug payoff, Accentia's numbers are deep in the red. Based on South Hyde Park Ave., Accentia lost $11.4-million in the June 30 quarter this year and $25-million in the same period last year. The one-two punch in all this is Accentia, which went public three years ago, only generated $3-million in revenues in the June 30 quarter and just $3.8-million in the '07 quarter.
Accentia's stock traded as high as $3.39 in the past year. It's now at 23 cents.
-- Robert Trigaux, Times Business Columnist