IDM Pharma, Inc. Complies With NASDAQ Marketplace Rule 4350(b)(1)(B) and Announces Filing of Annual Report on Form 10-K for 2008 Fiscal Year Containing Audit Opinion With Going Concern Qualification
Published: Apr 03, 2009
IRVINE, Calif., April 3 /PRNewswire-FirstCall/ -- IDM Pharma, Inc. , a company focused on the development of innovative cancer products, including MEPACT(R) (known as mifamurtide in the United States), which was recently approved in Europe for the treatment of osteosarcoma, today announced that its financial statements for the fiscal year ended December 31, 2008, included in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 31, 2009, contain a going concern qualification from its independent registered public accounting firm.
This announcement is being made in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of a recent audit opinion that contains a going concern qualification.
As previously announced, the company is currently evaluating available strategic alternatives. The options the company is considering include various strategic transactions, including merger or acquisition opportunities, which may involve a change in control of the company. The company has engaged JMP Securities, an investment bank, to advise it in exploring alternatives available with respect to a possible merger or acquisition transaction.
About IDM Pharma
IDM Pharma is focused on the development of innovative cancer products that either destroy cancer cells by activating the immune system or prevent tumor recurrence by triggering a specific adaptive immune response. IDM Pharma is dedicated to maximizing the full therapeutic and commercial potential of each of its innovative products to address the needs of patients and the physicians who treat these patients.
For more information about the company and its products, visit www.idm-pharma.com.
This press release includes forward-looking statements that reflect management's current views of future events including statements regarding the timeframe in which the Company's cash will be sufficient to meet planned operations and whether the Company has adequate cash to complete its review of strategic options, whether MEPACT will ultimately become available for patient treatment in the EU and the Company's plans to evaluate strategic alternatives and/or raise additional capital. Actual results may differ materially from the forward-looking statements due to a number of important factors, including, but not limited to, whether the Company elects to secure sales and marketing infrastructure for MEPACT in the EU, whether the Company will be able to complete any potential strategic transaction on terms acceptable to the Company's stockholders, how the volatile economic environment will affect the Company's efforts to complete a strategic transaction or raise additional capital, and whether the cash resources of the Company will be sufficient to fund operations as planned. These and other risks affecting the Company and its drug development programs, intellectual property rights, personnel and business are more fully discussed in the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the SEC. The Company expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
CONTACT: Bob De Vaere, Chief Financial Officer of IDM Pharma, Inc.,
+1-949-470-6447; or Molly Rabinovitz of WeissComm Partners,
+1-312-646-6294, email@example.com, for IDM Pharma, Inc.
Web site: http://www.idm-pharma.com/