SOUTH SAN FRANCISCO, Calif., March 6 /PRNewswire-FirstCall/ -- VaxGen
Inc. (Pink Sheets: VXGN), a biopharmaceutical company, today reported its
year end financial results and more recent cash balance, with a view to
ensuring that stockholders have the most current financial information
ahead of voting on the company's proposed merger with Raven biotechnologies
inc. VaxGen's Board of Directors has set March 28, 2008 as the date for the
Special Meeting of Stockholders to vote on the proposed merger.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO )
Specifically, VaxGen announced the following:
-- Cash, cash equivalents and investment securities at December 31, 2007
totaled $71.6 million, or $40.1 million net of the $31.5 million face
amount of convertible debt outstanding at that time.
-- Cash, cash equivalents and investment securities at the most recent
month end of February 29, 2008 totaled $64.9 million. Net of
outstanding convertible debt on that date at face amount, the February
month end balance was $34.9 million.
-- The company recorded a non-cash asset impairment charge of $10.7
million in its 2007 financial statements, which included a reduction in
the book value of its manufacturing facility from $16.2 million to
$10.0 million. This reduction reflects management's current best
estimate of fair market value. VaxGen has not yet received an offer
for the manufacturing facility and there can be no guarantee that the
company will succeed in entering into a transaction at this reduced
value, or indeed at all. VaxGen expects to file its 2007 financial
statements with the Securities and Exchange Commission on Form 10-K on
or before March 17, 2008.
"VaxGen's management and Board are looking
|SOURCE VaxGen Inc.|
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