Wednesday, shares of Molecular Insight Pharmaceuticals Inc. (MIPI) declined as much as 25% in intraday trading following the company's independent registered public accounting firm raising substantial doubts about Molecular Insight's ability to continue as a going concern due to recurring losses from operations.
On March 15, the company announced it has been notified of a possible delisting from the Nasdaq if its listed securities did not meet the minimum $50 million market value of listed securities. The company has a grace period of 180 calendar days to regain compliance.
In the fourth-quarter, whose results were released Tuesday, Molecular Insight posted a net loss of $13.2 million or $0.52 per share, narrower than a net loss of $15.8 million or $0.63 per share in the year-ago quarter, helped by higher license and product revenues related to Onalta, a product candidate for the treatment of metastatic carcinoid and pancreatic neuroendocrine tumors. The company's total revenue for the quarter was $5.05 million, up from $237 thousand in the year-ago quarter.
Over the past three trading days, MIPI has lost 15% and closed Wednesday's trading at $1.44 on a volume of 859 thousand shares.
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