Ciphergen Announces Audit Committee Review; Delay in Filing Form 10-Q for Third Quarter of 2005
November 07 2005 - 7:30AM
PR Newswire (US)
FREMONT, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Ciphergen
Biosystems, Inc. (NASDAQ:CIPH) announced today that the Company's
Audit Committee is conducting an investigation, with the assistance
of external accounting advisors, primarily with regard to revenue
recognition of certain sales transactions currently believed to
involve approximately $500,000 of revenue recorded in the second
quarter of 2005. As a result of this ongoing investigation, the
Company is delaying its announcement of its results of operations
for the third quarter of fiscal 2005 and expects that it will be
unable to timely file its Quarterly Report on Form 10-Q for the
third quarter of fiscal 2005. As a result, the Company expects to
file a late filing notice on Form 12b-25 with the Securities and
Exchange Commission. The Company will schedule its third quarter
earnings conference call and webcast once the Audit Committee has
concluded its review of these matters. About Ciphergen Ciphergen is
dedicated to the discovery of protein biomarkers and panels of
biomarkers and their development into protein molecular diagnostic
tests that improve patient care; and to providing collaborative
R&D services through its Biomarker Discovery Center(R)
laboratories for biomarker discovery for new diagnostic tests as
well as pharmacoproteomic services for improved drug toxicology,
efficacy and theranostic assays. Ciphergen develops, manufactures
and markets a family of ProteinChip(R) Systems and services for
clinical, research and process proteomics applications. ProteinChip
Systems enable protein discovery, validation, identification and
assay development to provide researchers with predictive,
multi-marker assay capabilities and a better understanding of
biological function at the protein level. Additional information
about Ciphergen can be found at http://www.ciphergen.com/. NOTE:
Ciphergen, ProteinChip and Biomarker Discovery Center are
registered trademarks of Ciphergen Biosystems, Inc. DATASOURCE:
Ciphergen Biosystems, Inc. CONTACT: Sue Carruthers, Investor
Relations of Ciphergen Biosystems, Inc., +1-510-505 2233 Web site:
http://www.ciphergen.com/
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