MBI finds new home for stock

Molecular Biosystems shifted its stock exchange this month after being delisted from the NYSE. The company received notice in September that the NYSE had revised its listing criteria, requiring companies to have total market capitalization and stockholders’ equity of not less than $50 million. MBI was unable to meet this requirement, and was delisted on Jan. 4. The company began trading under the new symbol MBIO on NASD’s (National Association of Securities Dealers) over-the-counter bulletin board on Jan. 5.

In November, San Diego-based MBI and Palatin Technologies of Princeton, NJ, signed an intent to merge (SCAN 11/24/99). The two firms are in discussions with the Securities and Exchange Commission and their stockholders, and hope to close the deal by April, according to Patricia Sullivan, spokesperson for MBI. If the merger is completed, the new firm will operate under Palatin’s name and will trade on AMEX.

In other MBI news, the company announced last month that Chugai Pharmaceuticals of Tokyo has paid MBI $2 million as Chugai starts clinical trials with Optison for assessment of left ventricular opacification and myocardial perfusion.