February 11, 2008
NextGen Bioscience Inc. NAICS 541710
4th Floor, 36 Spital Square London, United Kingdom E1 6DY Description Biotechnology
+44 (0) 20 7297 8186 Employees 0
http://www.nextgenbioscience.com/ Revenue (mil) 0.0060
  Income (mil) -0.3630
  Assets (mil) 0.0550
  Liability (mil) 0.4530
  (for the year ended 2007-09-30)
Category: Audit Concerns
Event: Dale Matheson Carr-Hilton Labonte LLP raised substantial doubt on NextGen Bioscience, Inc.'s ability to continue as a going concern after auditing its financial statements for the year ended September 30, 2007. The auditor points out that the Company is dependent upon financing to continue operations, had suffered recurring losses from operations and has total liabilities that exceed total assets. The Company posted a net loss of $363,353 on net sales of $6,099 for the year ended September 30, 2007, as compared with a net loss of $2,793,672 on net sales of $34,857 in the prior year. At September 30, 2007, the Company's balance sheet showed an accumulated deficit of $3,404,148 and stockholders' deficit of $397,772. It also has strained liquidity with $55,080 in total current assets available to pay $434,825 in total current liabilities.
Intellectual Property: The Company seeks to protect its novel compounds, drug discovery programs and proprietary technologies by filing appropriate patent applications. It has filed patent applications in the United Kingdom for (i) prostaganin, for the treatment of prostate cancer and (ii) tetanolic acid, for the treatment of breast cancer. The Company intends to apply for U.S. patents for these compounds. The Company also owns certain proprietary technology comprised of a suite of software programs and a computer peripheral device known as the IRMA device, which provides for the delivery of high-quality color presentations stored on mobile smart phones and PDAs. [SEC Filing 10-KSB 01-24-08]
Description: NextGen Bioscience focuses on the discovery, development and commercialization of novel therapeutics to fight cancer, in particular prostate and breast cancer.
Officers: David Cooper (Chair); Dr. Karen Elizabeth Jervis (CEO); Konstantinos Kardiasmenos (Pres., CFO, Sec, Treas); Graham May (COO)
Auditor: Dale Matheson Carr-Hilton Labonte LLP
Securities: Common Stock-Symbol NXGB.OB; OTC BB; 137,655,870 common shares outstanding as of January 22, 2008.
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