TSX reviews Response Biomedical's eligibility to remain on list
Representatives from Response Biomedical said that the review has been initiated because the company has had common shares that have been below $0.51 for a period of 30 consecutive days. This has prohibited the market value of all publicly held shares from meeting the $15 million minimum threshold required for listing on the TSX.
According to the company, the notice has not impacted its shares in an immediate timeframe. Response will have 120 days to meet compliance requirements of the TSX and will need to meet these in order to continue to be listed. Approximately 70 percent of outstanding shares are held by major company officials including directors and executives; because of this, they are not calculated in determining public share validity with respect to TSX requirements.
The company is focused on the manufacturing and marketing of diagnostic tests associated with its RAMP platform. The RAMP system consists of a reader unit and testing cartridges and variations of cartridges exist for diagnosing thromboembolism, Influenza A and B, congestive heart failure and early detection for potential heart attacks.
Both the company and the TSX will be monitoring Response’s performance in market capitalization.