Prospector
Profile
1221-02
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| ViRexx Medical Corp. |
NAICS |
541710 |
| 8223 Roper Road NW
Edmonton, Alberta, Canada T6E 6S4 |
Description |
Biotechnology |
| (780) 433-4411 |
Employees |
25 |
| http://www.virexx.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-17.4930 |
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Assets |
(mil) |
38.9490 |
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Liability |
(mil) |
6.9500 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Pricewaterhousecoopers LLP expressed doubts on the ability of ViRexx Medical Corp. to continue as a going concern after auditing its financial statements for the year ended December 31, 2006. The auditor notes that the Company has incurred operating losses, expects to continue to incur significant losses, and has not achieved any significant revenues since inception. The Company's ability to sustain operations for more than a 12-month period without further financing cannot be assured. Without additional funding and milestone payments from potential product out-licensing, it will have inadequate funds to continue its existing corporate, administrative, and operational functions beyond the fourth quarter of 2007. It also has commitments under the University of Alberta license agreement to make milestone payments of $250,000.
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Intellectual Property:
The Company evaluates its technology to determine whether to make further patent filings and relies significantly upon proprietary technology. The Company protects intellectual property through patents, copyrights, trademarks, trade secrets and contractual agreements. It owns or exclusively licenses eight issued U.S. patents having expiration dates ranging from 2016 to 2021. [SEC Filing 20-F 03-30-07]
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Description:
ViRexx is developing multiple products that target cancer, infectious diseases and solid tumours.
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Officers:
Douglas Gilpin (Chair); Macaraig (Marc) Canton (Pres. & COO); Lorne Tyrrell (CEO, Chief Scientific Officer & Dir.); Scott Langille (CFO); Michael W. Stewart (SVP); Rajan George (VP); Andrew Stevens (VP); Irwin Griffith (VP); Bruce Hirsche (Sec.); D. Jacques R. LaPointe (Dir.); Bruce D. Brydon (Dir.); Thomas E. Brown (Dir.); Dr. Jean Claude Gonneau (Dir.)
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Auditor:
Pricewaterhousecoopers LLP
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Securities:
Common Stock-Symbol VIR.TO.TSX
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