Fibrocell Science Announces Delay in Filing Quarterly Report on Form 10Q
May 12 2014 - 4:10PM
Business Wire
- 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
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