Sonus Pharmaceuticals faces the prospect of its shares being delisted from the Nasdaq for trading below the market's $1 minimum price. Nasdaq formally notified the...

Share story

Sonus Pharmaceuticals faces the prospect of its shares being delisted from the Nasdaq for trading below the market’s $1 minimum price.

Nasdaq formally notified the Bothell-based drug developer this week that its stock had failed to regain compliance with the minimum-price requirement. It had warned Sonus on Nov. 5 that the stock was subject to delisting and gave the company 180 days to get the price back above $1.

In a statement today, Sonus said it will appeal Nasdaq’s determination to the market’s qualifications panel. That will delay, but is unlikely to forestall, a delisting.

Sonus shares plunged from $4.35 to 70 cents on Sept. 24, the day the company announced its leading cancer-drug candidate had failed a key clinical test. The shares have remained below $1 ever since. They closed down 5 cents, or 13 percent, at 32 cents today.