SeraCare Back On Nasdaq
Milford-based SeraCare Life Sciences Inc. has been approved for re-listing on the Nasdaq Stock Market.
The company, which makes materials used in diagnostic tests and the pharmaceutical industry, began trading this morning. At 10:30 a.m., shares of SeraCare were trading at $4.26.
For the first quarter, the company reported a net loss of $330,651 and an operating loss of $212,953 on revenue of $12.5 million. In the same period the prior year, the company lost $4.1 million on revenue of $13.9 million.
The re-listing comes after two years of turmoil, including federal Chapter 11 bankruptcy, delisting, U.S. Securities and Exchange Commission and Department of Justice investigations, and shareholder lawsuits.
In 2006, auditors questioned the accuracy of the company's accounting, which set off the SEC and DOJ investigations. The company fired its CEO and CFO, filed for bankruptcy and was delisted from the Nasdaq shortly thereafter.
Under new CEO Sue Vogt, the company settled its debts and came out of bankruptcy in little more than a year. The company got rid of unproductive businesses and consolidated its operations in Massachusetts, where about 140 of its 230 employees work. SeraCare was formerly based in California. The company also has operations in West Bridgewater and Maryland.
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