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Losses and Lack of Cash at Sequenom Causes Its Accounting Firm to Identify Going Concern in 2005 Results

NEW YORK, April 7 (GenomeWeb News) - Sequenom's accounting firm has issued a "going concern qualification" on the company's financial statements for the year 2005, the company said yesterday.

 

Ernst & Young, Sequenom's independent registered public accounting firm, issued the concern on the 2005 results, filed on March 31, because of the company's significant operating losses and insufficient cash and investments to fund operations past the second quarter of 2006.

 

Last week, the company announced a private stock placement of $30 million, which it increased to $33 million on Monday.

 

As of Dec. 31, 2005, the company had $8.7 million in cash, cash equivalents, short-term investments and restricted cash. Net losses for 2005 declined to $26 million from $34 million year over year.

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