Troubled biotech KaloBios Pharmaceuticals Inc. said Tuesday it has decided to drop its appeal of the Nasdaq decision to delist its shares and will instead spend its resources following its business strategy. The move comes after Nasdaq said it would suspend trading in the stock on Wednesday, at which point it will move to the over-the-counter market. KaloBios has been the subject of a delisting order since the arrest of its ex-chief executive Martin Shkreli on charges of securities fraud. It had been granted a hearing that was scheduled to take place on Feb. 25. "The company's new board of directors has determined that pursuit of the appeal while the Company is not in compliance with the Nasdaq listing standards would require diversion of company resources that could be better spent pursuing the company's business plan and reorganization," the company said in a statement.
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