- Genocea Biosciences Inc's GNCA board has voted to wind down the company's ongoing operations and terminate the remaining employees except those deemed necessary to complete an orderly wind down.
- Yesterday, the company delivered formal notice to The Nasdaq Stock Market Inc of its intent to delist voluntarily and its plans to file a Form 25 with the SEC by June 2 to effect the voluntary delisting.
- The company received a letter that it was not in compliance with the requirement of the Nasdaq listing.
- Also See: Genocea Biosciences Stock Dives After Early Data From GEN-011 Trial In Pretreated Solid Tumor Patients.
- Last month, Genocea Biosciences initiated a process to explore a range of strategic alternatives and has engaged an investment bank to act as a strategic advisor for this process.
- It announced to cut its workforce by approximately 65%. In light of these developments, the company said it is reviewing its clinical and research programs to determine an appropriate course of action.
- Price Action: GNCA shares are down 68% at $0.07 during the premarket session on the last check Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.