Firm to Lose Listing

The Nasdaq stock market plans to delist the shares of Pacific Biometrics Inc. on Monday, saying the price has fallen below $1 a share and that the medical company’s net worth no longer meets its listing requirements

The Lake Forest company is developing methods for early detection and management of osteoporosis and diabetes, but has suffered a string of losses. A delisting from Nasdaq would make it harder for the company to raise new capital to continue. It said Tuesday it is seeking to appeal Nasdaq’s decision at an oral hearing.

Until the hearing panel rules, Pacific Biometrics’ stock and warrants will be listed on the Nasdaq Small Cap Market. If the hearing or appeal is denied, Pacific Biometrics said it hopes to have the securities listed for over-the-counter trading.

Pacific Biometrics, which was trading at nearly $4 a share in April, fell below $1 in mid-October, recovered somewhat in late November and early December, then dropped again. The shares tumbled 25 cents, to 13 cents, in trading Tuesday.