REDWOOD CITY, Calif.--(BUSINESS WIRE)--A.P. Pharma, Inc. (NASDAQ:APPA), a specialty pharmaceuticals company, noted today that its financial statements for the fiscal year ended December 31, 2006, included in the Company’s Annual Report on Form 10-K (“Form 10-K”) filed on March 30, 2007, contain a going concern modification to the audit opinion from its independent accounting firm, Odenberg, Ullakko, Muranishi, & Co., LLP. As previously disclosed and discussed in Note 1 to the financial statements in the Form 10-K, the going concern modification is based on the Company’s recurring losses from operations. The Company expects to meet its ongoing cash requirements from an equity offering pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission on April 5, 2007.
