VaxGen submits draft of restated 2003 annual report to independent auditors

By Lisa Kerner

Charlotte, N.C., July 24 - VaxGen Inc. submitted its draft restated 2003 10-K/A annual report to its independent auditors in preparation for filing with the Securities and Exchange Commission.

"This submission marks a major milestone in VaxGen's plan to file its outstanding financial statements and become relisted on Nasdaq," chief financial officer Matthew Pfeffer said in a company news release.

The company has been in the process of restating its financial statements for the period ended Dec. 31, 2003 since July 2004 to recognize previously deferred government contract revenues and expenses.

VaxGen said its restated financial statements will include adjustments relating to revenue recognition for government contracts and the company's investment in Celltrion, Inc.

Located in Brisbane, Calif., VaxGen develops biologic products for the prevention and treatment of human infectious diseases, including anthrax and smallpox.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.