CoCensys’ Shaky Listing Forces Investor Search
CoCensys Inc., which is facing the loss of its stock listing on the Nasdaq national market, said Wednesday that it has hired the investment banking firm Hambrecht & Quist to explore alternative sources of financing.
The Irvine company, whose stock slipped 3 cents a share Wednesday to a 52-week low of 48 cents, wants to attract private investors to support development of various experimental treatments for neurological and psychiatric illnesses, said F. Richard Nichol, its chairman.
Last week, the company said Nasdaq officials have threatened to drop its stock from national market listings unless it closes above $1 for 10 consecutive trading days by Feb. 28. The company said it meets all other requirements for the Nasdaq listing.
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