Immune Response Says Auditors Doubt Viability
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Immune Response Corp. said that its auditors have questioned its ability to stay in business and that its chief financial officer, Howard Sampson, has resigned.
The biotechnology company, which intends to develop therapies for HIV, autoimmune diseases and cancer, said it has enough cash resources to fund its operations into next month.
The Carlsbad-based company said it raised $4 million this month through the private placement of a convertible note and warrant, and it used about $2 million to repay a short-term promissory note.
It also reported a first-quarter loss of $5.2million, or 15 cents a share, compared with a loss of $5.1 million, or 17 cents, a year earlier. Its shares eased 3 cents to a one-year low of 37cents on Nasdaq.
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