KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) announced that it has decided to withdraw its appeal of the decision by the Nasdaq listing qualifications staff to delist the Company’s securities from the Nasdaq stock exchange.

As previously reported, the Company had requested a hearing to appeal the delisting determination, which hearing was scheduled to take place on February 25, 2016.  The Company has been the subject of Nasdaq delisting proceedings sinceNovember 17, 2015.  The Company’s new board of directors has determined that pursuit of the appeal while the Company is not in compliance with the Nasdaq listing standards would require diversion of Company resources that could be better spent pursuing the Company’s business plan and reorganization.  Accordingly, on January 12, 2016, the Company notified Nasdaq of its withdraw of the appeal.

Nasdaq has announced that the Company’s common stock will be suspended from Nasdaq on Wednesday, January 13, 2016.  At that time the Company’s common stock will be eligible for trading in over-the-counter markets.(Original Source)

Shares of KaloBios Pharmaceuticals closed last Wednesday at $23.59. KBIO has a 1-year high of $45.82 and a 1-year low of $0.44. The stock’s 50-day moving average is $29.29 and its 200-day moving average is $6.57.

On the ratings front, Needham analyst Alan Carr reiterated a Hold rating on KBIO, in a report issued on November 19. According to TipRanks.com, Carr has a total average return of 16.3%, a 48% success rate, and is ranked #64 out of 3594 analysts.

KaloBios Pharmaceuticals Inc is a biopharmaceutical company. The Company is engaged in the development of monoclonal antibody therapeutics for diseases that burdens the society and to patients and their families.