Alteon Issues Update Regarding Auditors' Going Concern Report
Published: Apr 20, 2007
MONTVALE, N.J., April 19 /PRNewswire-FirstCall/ -- Alteon Inc. In compliance with the AMEX Company Guide Rule 610(b) requiring a public announcement of the receipt of an audit report that contains an explanatory paragraph relating to Alteon's ability to continue as a going concern on the Company's consolidated financial statements for the fiscal year ended December 31, 2006, included in its Form 10-K filing with the Securities and Exchange Commission, stated that Alteon will continue with a going concern from its independent registered public accountants. This announcement does not reflect any change or amendment to the financial statements as filed. As discussed in Note 2 to the consolidated financial statements, the Company has incurred a net loss of $17,679,737 and used $7,438,275 of cash in operating activities for the year ended December 31, 2006.
Alteon is a product-based biopharmaceutical company engaged in the development of small molecule drugs to treat and prevent the inflammatory aspects of cardiovascular disease and diabetes. The Company has identified several promising product candidates that it believes represent novel approaches to some of the largest pharmaceutical markets.
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, but not limited to, the risks associated with the license arrangement described in this press release, future clinical development of ALT-2074, and other risks identified in Alteon's filings with the Securities and Exchange Commission. Further information on risks faced by Alteon are detailed under the caption "Risk Factors" in Alteon's Annual Report on Form 10-K for the year ended December 31, 2006. These filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov. The information contained in this press release is accurate as of the date indicated. Actual results, events or performance may differ materially. Alteon undertakes no obligation to publicly release the result of any revision to these forward- looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.Alteon Inc.
CONTACT: Alteon Inc., Investor Relations, +1-201-934-5000
Web site: http://www.alteon.com/