PharmaKinetics Laboratories Inc., a Baltimore-based drug testing company, said its common stock has been delisted from quotation in the National Association of Securities Dealer's Automated Quotation System.
The company, which is still mired in a string of heavy losses, has a negative net worth of about $4.2 million, according to Taryn L. Kunkel, vice president and chief financial officer.
Ms. Kunkel said that was the primary reason that the security dealers' association delisted the PharmaKinetics shares, which usually trade for between 50 cents to 62.5 cents a share.
The company has been in Chapter 11 bankruptcy since November 1990.
It intends to file a reorganization plan with the bankruptcy court in the near future, Ms. Kunkel said.
The plan, if approved by creditors, would call for selling off the company's German drug-testing subsidiary, which generated $10 million in revenues in fiscal 1990.
PharmaKinetics, which primarily tests generic drugs to see if they are equivalent to name-brand drugs, would retain its Baltimore drug-testing facility, which generated $7 million in revenues in the same period.
The company, which has 120 employees in the United States and 140 in Germany, hopes to file its reorganization plan and receive court confirmation for it within the next month or so, Ms. Kunkel said.
"Hopefully we would emerge from bankruptcy in the summer of 1992," she said.