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Novelion delisted from Nasdaq, Canadian exchanges amid bankruptcy
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Novelion Therapeutics Inc. has received a cease trade order from the Nasdaq and two Canadian securities regulatory bodies amid a bankruptcy case involving the company's subsidiaries.
The British Columbia Securities Commission and the Ontario Securities Commission determined that the Vancouver, British Columbia-based company failed to file a report for the quarter ending June 30 before the Aug. 14 deadline. The regulators ceased trading on the company's stock.
Novelion was also delisted for the same reason from the Nasdaq stock exchange Aug. 21. The exchange further determined that the company has no further operating business and has not indicated any future business plans.
Aegerion Pharmaceuticals Inc. and Aegerion Pharmaceuticals Holdings Inc., both subsidiaries of Novelion, are involved in a bankruptcy case that has previously required the company to undertake certain funding and restructuring deals.
Novelion said the delay in filing its financial disclosures to the exchanges stems from an effort to separate Aegerion's financials from the parent company's.
Novelion plans to appeal the Nasdaq's rulings; otherwise, the delisting will be effective Aug. 30. The Canadian trading ban will remain in place until the required disclosure is filed.
