UPPSALA, Sweden--(BUSINESS WIRE)--Regulatory News:
NASDAQ OMX Stockholm AB (”the Stock Exchange”) has, within the scope of its supervision of regular financial information, according to chapter 16 paragraph 13 in the Securities Market Act (2007:528), posed questions in relation to Biotage’s decision to reverse a part of an additional purchase price pertaining to the acquisition of MIP Technologies AB made in 2010. In its concluding remarks the Stock Exchange criticized Biotage for simultaneously having recognized an impairment of goodwill by the same amount without taking into account the fact that the impairment test made for the total goodwill amount at Group level did not result in an impairment need. The Stock Exchange referred to item 104, IAS 36. In the concluding remarks the company was requested to adjust the impairment of goodwill according to the rules stated in IAS 8, items 41-19 in coming financial reports. Referring to the relatively long time period before the publication of Biotage’s year-end report on February 11, 2016, the Stock Exchange believes that Biotage should publish information on the required correction in a separate press release.
