Arca regains compliance with Nasdaq

BROOMFIELD – Arca Biopharma Inc. (Nasdaq: ABIO) will continue to be listed on the Nasdaq after regaining compliance from the stock exchange.

Arca officials said Thursday that Nasdaq confirmed Arca’s compliance with the minimum $10 million stockholders’ equity requirement, and that Arca is in compliance with all applicable requirements for continued listing on Nasdaq.

Broomfield-based Arca is a biopharmaceutical company developing genetically targeted therapies for heart failure and other cardiovascular diseases.

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After announcing it faced possible delisting earlier this spring, things turned around for Arca in late March when the U.S. Patent and Trademark Office issued a patent to the company on its methods of treating heart-failure patients with bucindolol based on genetic testing.

The company then raised $6.8 million through the sale of 1,075,000 shares of its common stock in open market during the first quarter 2010 to avoid being delisted.

Arca’s lead product candidate, Gencaro (bucindolol hydrochloride), is an beta-blocker and mild vasodilator being developed for heart failure. The company has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically targeted heart-failure treatment.