MacroChem receives Nasdaq delisting notice, appeal

New York, Oct. 24 - MacroChem Corp. said it has received a notice from Nasdaq that it does no meet the listing standards for the Nasdaq SmallCap Market - but has requested a hearing that will stay the delisting.

The Nasdaq letter said MacroChem does not comply with the minimum bid price requirement and also that the company is a public shell because it has a nominal operating business and insufficient resources to operate beyond November.

MacroChem, based in Lexington, Mass., previously said on Sept. 1 that it was discontinuing research and development, terminating all non-management employees and looking to sell its business or intellectual property and other assets. MacroChem has two clinical-stage product candidates containing its patented enhancer, SEPA, Opterone, a topical cream for male testosterone deficiency, and EcoNail, a SEPA-enhanced antifungal nail lacquer to treat a common and potentially debilitating nail infection known as onychomycosis.

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