VaxGen Suffers Delisting

Investors looking for VaxGen on the Nasdaq on Monday may have had trouble finding it. That's because the Brisbane, Calif.-based biotech company has been delisted for failing to promptly file quarterly financial statements with the Securities and Exchange Commission.

The company vows that it will submit the necessary documents in a few months and seek reinstatement to the Nasdaq.

VaxGen announced the Nasdaq verdict late Friday, repeating earlier comments that it is implementing "a more appropriate revenue recognition policy." The company said those efforts caused the delay in filing its quarterly financial reports for the three months ended March 30 and for the three months ended June 30. ...