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BioSource Receives Nasdaq Delisting Notice

NEW YORK, May 30 (GenomeWeb News) - BioSource International said last week that it had received a notice from the Nasdaq indicating that the company is not in compliance with the stock exchange's requirements for continued listing of its shares.

 

According to BioSource, the reason for the non-compliance is its failure to file a first-quarter financial report in a timely manner. The company said that its failure to do so is related to discussions with external auditors regarding "possible changes to its long-standing accounting policy of reserving for 100 percent of the costs of manufactured antibody inventory."

 

BioSource said that, in light of these discussions, it plans to restate its financial results for the three years ended December 31, 2004. The company added that a change in its accounting policy is not expected to have any material impact on its previously reported cash flows, and that it expects a net increase in stockholders' equity at December 31, 2004.

 

The company said that the notice from the Nasdaq indicated its stock would be delisted if a financial report were not filed by June 3. This delisting date has been postponed pending a hearing with the Nasdaq to appeal the ruling, BioSource said.

 

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