Transgene Announces 20-F Form Filing
May 20 2005 - 1:01AM
PR Newswire (US)
Transgene Announces 20-F Form Filing STRASBOURG, France, May 20
/PRNewswire-FirstCall/ -- Transgene (Nasdaq: TRGNY; Eurolist Paris:
FR0005175080), announced today that its Form 20-F for the fiscal
year ended 2004 includes a going-concern qualification from its
independent auditors. NASDAQ rules require listed companies to
publicly announce the inclusion in an audit report of a
going-concern qualification. As publicly announced in April 2005,
Transgene believes that its current cash position will be
sufficient to meet expected financial requirements for continuing
operations through September 2005. In December 2004, Transgene's
principal shareholder informed the Board of Directors of its
commitment to cover Transgene's cash needs until the end of 2005
unless an alternative financing option is adopted during this
timeframe. "We are actively pursuing appropriate steps to obtain
the financing we need to continue funding the clinical trials of
our broad product portfolio," said Philippe Poncet, Chief Financial
Officer of Transgene. Transgene, based in Strasbourg, France, is a
biopharmaceutical company dedicated to the discovery and
development of therapeutic vaccines and immunotherapy products for
the treatment of cancer and infectious diseases. Transgene has a
broad portfolio of products in clinical development. This press
release contains forward-looking statements regarding Transgene's
anticipated financial requirements and expenditures, and its
ability to meet its financial needs. These statements are based on
Transgene's current expectations, beliefs and assumptions and are
not guarantees of Transgene's future liquidity and ability to
continue operations. Important factors which may affect Transgene's
future financial requirements and expenditures include the
following: regulatory approvals for product development and testing
may be suspended or delayed, causing additional expenses to
continue testing or obtain testing rights; proceedings to obtain
patents and litigation of third party infringement claims are
expensive and could exceed anticipated budgets; Transgene may incur
significant costs in connection with its product liability
exposure; and other important factors described in Transgene's
Annual Report on Form 20-F for the most recent fiscal year filed
with the U.S. Securities and Exchange Commission, including those
factors described in the section entitled "Risk Factors."
Accordingly, actual outcomes and results may differ materially from
what is expressed. Furthermore, despite the Company's current
efforts, there is no certainty that Transgene will be able to
obtain financing on acceptable terms or at all. The statement made
by the Company's principal shareholder to the Board of Directors in
December 2004 is not a guaranty by the Company that it will have
sufficient funds to maintain on-going operations. DATASOURCE:
Transgene CONTACT: Philippe Poncet, Chief Financial Officer,
+33-0-3-88-27-91-21, or Tiphaine Hecketsweiler,
+33-0-1-53-70-74-70, both of Transgene; Anita Bose, Cohn &
Wolfe, +1-212-798-9770, for Transgene Web site:
http://www.transgene.fr/
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