Transgene . (NASDAQ:TRGNY)
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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/