Fibrocell Science Announces Delay in Filing Quarterly Report on Form 10Q

- Accounting review addressing non-cash and non-operating warrant accounting treatment -

Fibrocell Science, Inc. (NYSE MKT:FCSC), an autologous cell therapy company primarily focused on developing first-in-class treatments for rare and serious skin and connective tissue diseases with high unmet medical needs, today announced that has filed a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission allowing for a five day extension in its quarterly filing of Form 10-Q for the quarter ended March 31, 2014.

The Company has not yet completed its financial statements for the quarter ended March 31, 2014 due to additional time necessary to address a non-cash, non-operating issue related to its historical accounting treatment of warrants. The Company expects to file the Form 10-Q for the quarter ended March 31, 2014 by not later than Monday, May 19, 2014.

As disclosed in a Form 8-K filed by the Company today, on May 6, 2014, the Audit Committee of the Company’s Board of Directors, in connection with an internal review initiated by Company management, concluded that, because of a misapplication of the accounting guidance related to certain of the Company’s warrants, the Company’s previously issued consolidated financial statements for all periods beginning with the quarterly period ended September 30, 2011 through December 31, 2013 should no longer be relied upon. As such, the Company will restate its financial statements for the following periods: (i) the fiscal years ended December 31, 2013, December 31, 2012 and December 31, 2011, and (ii) all quarterly periods of 2013 and 2012. The Company is presently anticipating filing the Amended 2013 10-K/A and each of the 2013 10-Q/A’s within the next two weeks, and in any event, on or before May 31, 2014.

These restatements result in non-cash, non-operating financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses, total operating, investing or financing cash flows, or net operating loss carryforward.

About Fibrocell Science, Inc.

Fibrocell Science, Inc. (NYSE MKT: FCSC) is an autologous cell therapy company primarily focused on developing first-in-class treatments for rare and serious skin and connective tissue diseases with high unmet medical needs. Based on its proprietary autologous fibroblast technology, Fibrocell is pursuing breakthrough medical applications of azficel-T for restrictive burn scarring and vocal cord scarring. The company’s collaboration with Intrexon Corporation (NYSE: XON), a leader in synthetic biology, includes using genetically-modified fibroblasts for treating rare and serious skin and connective tissue diseases for which there are no currently approved products. For additional information, visit www.fibrocellscience.com.

Safe Harbor Statement

This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: the review of the Company’s accounting, accounting policies and internal control over financial reporting; the preparation of and the audit or review, as applicable, of the Form 10-Q for the quarter ended March 31, 2014, the Amended 2013 10-K/A and each of the 2013 10-Q/A’s; and the subsequent discovery of additional adjustments to the Company’s previously issued financial statements. Actual events or results may differ materially from the Company’s expectations. In addition, our financial results and stock price may suffer as a result of this review and any subsequent determinations from this process or any actions taken by governmental or other regulatory bodies as a result of this process. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.

Corporate:Fibrocell Science, Inc.Gregory WeaverSVP & Chief Financial Officer+1 484-713-6000gweaver@fibrocellscience.comorInvestor Relations:S.A. Noonan Communications, LLCSusan Noonan, 212-966-3650susan@sanoonan.com

Fibrocell Science (NASDAQ:FCSC)
Historical Stock Chart
From Jul 2024 to Aug 2024