SiliconBeat

Not that this is a shock, but Genitope, the beleaguered biotech that warned in May that it had only enough cash to continue operations through June 2008 and that it would be laying off all of its employees save its CEO, was told by Nasdaq that its shares would be delisted from its market next Monday, according to a press release it issued today. Worse, Nasdaq also “advised” Genitope that its stock “will not be immediately eligible to trade on the OTC Bulletin Board or in the ‘Pink Sheets’.” They would only become eligible “if a market maker makes application to register in and quote the security” and “if such application is cleared.” Only a market maker, not Genitope, may make this application. The company said it would not appeal the decision.

Genitope halted development of its experimental MyVax treatment for non-Hodgkin’s lymphoma in March after the Food and Drug Administration said at least one more clinical trial was needed. Its CEO Dan Denney called the costs of further clinical development “prohibitive at this time.”

In April, the company received word from General Electric Capital that it had defaulted on its loan. In May it reported it was in the process of writing down the value of its “long-lived assets,” including computer hardware, software, lab equipment, office furnishings and “building-related assets” including upgrades and security deposits on its leased facilities that it probably won’t be getting back should it go out of business or declare bankruptcy.

Genitope shares, which hit as low as 4 cents last month were trading at 12.85 cents Tuesday.