CryoCor (CRYO) Receives 'Going Concern' From Auditor, Nasdaq Reviews Listing Eligibility
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CryoCor, Inc. (Nasdaq: CRYO) reported that its Annual Report on Form 10-K included an audit opinion with a "going concern" qualification. The going-concern qualification is a statement from CryoCor's independent registered public accounting firm expressing substantial doubt, based upon current financial resources, as to whether CryoCor can continue to meet its obligations beyond 2008 without access to additional working capital.
In its Annual Report on Form 10-K, CryoCor indicated that its working capital balance at December 31, 2007 and the expected collection of $4.0 million from its collaboration with Boston Scientific Corporation (NYSE: BSX), would be sufficient to meet its anticipated cash requirements until the fourth quarter of 2008. The Company stated that additional capital would be needed to fund operations beyond that time period. CryoCor has previously announced that it is considering alternative financing options, including public or private equity offerings, debt financings or corporate collaboration and licensing arrangements.
The company also receives a Nasdaq delisting notification. The Nasdaq staff is reviewing CryoCor's eligibility for continued listing on The Nasdaq Global Market and has asked the Company to provide a specific plan to achieve and sustain compliance with all of the Nasdaq listing requirements by April 10, 2008. The Company intends to respond formally to the Nasdaq request for a plan on or before the April 10, 2008 deadline.[SM]
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