Sequenom receives notice of additional deficiency from Nasdaq

By Lisa Kerner

Erie, Pa., May 26 - Sequenom, Inc. was notified by the Listing Qualifications Staff of The Nasdaq Stock Market that its stockholders' equity of $8.3 million, as reported in its 10-Q for the quarter ended March 31, was less than the $10 million requirement set forth in Nasdaq Marketplace Rule 4450(a)(3).

This deficiency is in addition to a previous delisting notice based on Sequenom's failure to satisfy Nasdaq's $1.00 per share minimum bid price requirement. The company appealed the delisting and presented a plan to the Qualifications Panel for regaining compliance.

Sequenom said it plans to raise $33 million through a private placement of common stock and warrants. It has been granted continued listing until June 15.

The latest notice could serve as a separate basis for delisting the company's common stock from The Nasdaq National Market, according to a news release.

San Diego-based Sequenom provides genetic analysis products and services to the biomedical research market.

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