Auditors' Opinion Includes 'Going Concern' Paragraph
PLANTATION, Fla., Sept. 13 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today filed its 2005 Annual Report, on Form 10-K, with the
Securities and Exchange Commission for its fiscal year ended June 30. The
Annual Report contains a "going concern" explanatory paragraph from the
Company's independent registered public accounting firm, Ernst & Young LLP.
President & CEO, Charles A. Rice commented, "We are currently addressing
financial priorities to ensure the Company is able to capitalize on expected
near-term achievements. We hope to be able to announce new agreements that
improve our ability to service our debt obligations and raise additional
sources of working capital in the very near term."
About Viragen, Inc.:
With global operations in the U.S., Scotland and Sweden, Viragen is a
biotechnology company engaged in the research, development, manufacture and
commercialization of pharmaceutical proteins for the treatment of viral
diseases and cancers. Our product portfolio includes: Multiferon(R)
(multi-subtype, natural human alpha interferon) targeting a broad range of
infectious and malignant diseases; and humanized monoclonal antibodies
targeting specific antigens over-expressed on many types of cancers. We are
also pioneering the development of Avian Transgenic Technology as a
revolutionary manufacturing platform for the large-scale, efficient and
economical production of human therapeutic proteins and antibodies.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that
can be identified by such terminology such as "expect," "potential,"
"suggests," "may," "should," "could" or similar expressions. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. In particular, management's expectations regarding future
research, development and/or commercial results could be affected by, among
other things, uncertainties relating to clinical trials and product
development; availability of future financing; unexpected regulatory delays or
government regulation generally; the Company's ability to obtain or maintain
patent and other proprietary intellectual property protection; and competition
in general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com
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CONTACT:
Douglas Calder, Director of Communications,
Viragen, +1-954-233-8746, or fax, +1-954-233-1414, or
dcalder@viragen.com
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