Alseres stock will no longer trade on Nasdaq

Alseres Pharmaceuticals Inc., a Hopkinton company engaged in the development of diagnostic and therapeutic products primarily for disorders in the central nervous system, said that its shares will no longer trade on the Nasdaq Capital Market.

As of tomorrow, the company's "common stock will be available for quotation on the Pink Sheets under the ticker ALSE," Alseres said in a press release.

"Given the ongoing financial crisis and limited access to capital for small cap companies, maintaining our listing on Nasdaq has required more and more of our resources, both financially and in terms of management focus," Alseres chief executive Peter Savas said in a statement. "After careful consideration of the requirements of the Nasdaq appeal process, our board and management decided not to pursue an appeal to the delisting notification received by Alseres on April 9, 2009 because Alseres believes that an appeal will ultimately be unsuccessful."
(By Chris Reidy, Globe staff)