Stock in Ambrilia Biopharma Inc. (TSX:AMB) plunged more than 55 per cent Friday after the insolvent biotech company announced it would not challenge a move to delist it from the Toronto Stock Exchange.
At the company's request, the TSX agreed to allow the shares to trade for 48 hours before suspending trading, Ambrilia said in a news release.
At the close, the stock was down four cents, or 57.14 per cent, at three cents on volume of almost 4.3 million shares.
Ambrilia has been operating under the protection of the Companies' Creditors Arrangement Act since July 31, 2009. The protection is currently in force until April 29.
The Montreal-based concern is focused on the discovery and development of novel treatments for viral diseases and cancer.