Cytomedix (GTF) to Restate Financials for 2009 and Three Quarters in 2010
Cytomedix, Inc. (NYSE Amex: GTF) will amend and restate its financial results for the year 2009, as well as its results for each of the quarters of 2009 and for the first three quarters of 2010. The adjustments will result in non-cash charges to be reflected below the loss from operations line in the Company's statements of operations, and will have no impact on the Company's cash balances or loss from operations.
On January 3, 2011, the Company's Audit Committee of the Board of Directors, upon recommendation from Cytomedix management, concluded that the aforementioned financial statements did not properly account for the embedded derivative feature of certain previously issued warrants, and, as a result, should not be relied upon.
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On January 3, 2011, the Company's Audit Committee of the Board of Directors, upon recommendation from Cytomedix management, concluded that the aforementioned financial statements did not properly account for the embedded derivative feature of certain previously issued warrants, and, as a result, should not be relied upon.
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