Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the development of revolutionary bone graft material and coatings for medical applications, today announced that the NYSE MKT LLC (the “Exchange”) notified the Company that it accepted the Company's plan to regain compliance with the continued listing requirements of the Exchange.
On May 13, 2013, the Company received notice from the NYSE MKT that the Company was not in compliance with Sections 1003(a)(iii) and 1003(a)(ii), regarding stockholder’s equity of less than $6 million and net losses in five of its most recent fiscal years and stockholders‘ equity of less than $4 million and net losses in three of its four most recent fiscal years, respectively.
The Company submitted its plan of compliance on June 12, 2013, and on June 21, 2013, the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until November 13, 2014 to regain compliance with the continued listing standards. The Company will be subject to periodic review by Exchange Staff during the extension period.
"Our recent financing has helped the company to increase shareholders’ equity in the short term and the company hopes to execute its plan to grow the top-line and to achieve positive EBITDA in the second half of 2013," commented John Gandolfo, interim co-CEO and Chief Financial Officer of Bacterin International. "We are also making solid progress with our search for a new CEO and have already begun to interview candidates."
On June 10, 2013, the Company completed a private placement of approximately $4.85 million from new and existing investors.
About Bacterin International Holdings
Bacterin International Holdings, Inc. (NYSE MKT: BONE) develops, manufactures and markets biologics products to domestic and international markets. Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold to promote bone, subchondral repair and dermal growth. These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, promotion of bone growth in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.