NEW YORK (GenomeWeb News) — Ciphergen Biosystems and its outside auditor are concerned that the company may not be able to continue operating as a going concern, the firm said in its annual report it filed with the US Securities and Exchange Commission.
“We believe that our current cash balances may not be sufficient to fund planned expenditures,” Ciphergen reported in the filing, released on April 2. “This raises substantial doubt about our ability to continue as a going concern.
“During 2007, we may have to raise additional funds through the issuance of equity or debt securities, or a combination thereof, in the public or private markets in order to continue operations,” the company added.
The company’s auditor, PriceWaterhouseCoopers, gave a similar opinion in the filing.