Great Basin Scientific Inc (NASDAQ:GBSN) began trading on the OTCQB market place, on October 11 and has continued to decline. The stock had been removed from NASDAQ listings, following failure to comply with the minimum market value regulations. A hearing panel from NASDAQ had granted the company until October 10, 2016, to demonstrate a $35 million market value, of its listed securities, but the company failed to do so.
Despite the extension period, GBSN had stopped trading on NASDAQ on September 16, with a share value of just over $0.06. Since it began trading on the OTCQB, GBSN has further lost another $0.03 from its share price. Currently, the company has a market capital of $680,500 on the OTC, better than its closing market capital of $48,370 on the NASDAQ exchange.
Despite the problems being faced by Great Basin in the stock markets, the company has been making progress with its products, in the US and EU. At the end of September, the company announced that it has successfully launched its Staph ID/R Blood Culture Panel, in the US and EU. It should be noted here that this is the first multiplex panel from GBSN. The panel would be used in hospitals and laboratories, detecting infections in the bloodstream, within two hours. The device particularly targets infections caused by MRSA and Staphylococcus species.
The company revealed that the panel operates by detecting the mecA gene, considered to be a marker conferring to the resistance to methicillin. Ryan Ashton, the CEO of GBSN, claimed that this was a great milestone in the growth of the company. He also expressed his pleasure at being able to equip labs and hospitals with a significant tool for the implementation of antimicrobial stewardship programs. The CEO also revealed that nearly half of GBSN’s customer base has expressed interest in Staph ID/R panel. He also commented that their sales team was gaining access to larger and previously untapped sites, to market their products.
Great Basin Scientific Inc (NASDAQ:GBSN) did not record a change in its share value, during the October 17 trading session, to close at $0.0602 per share.