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Article: Biotech faces cash shortage, explores funding options: Immune's CFO resigns, research revenue down. (Tech Talk).
- Article from:
- San Diego Business Journal
- Article date:
- May 27, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Immune Response Corp. said its auditors have questioned whether it will be able to stay in business and Howard Sampson has resigned as chief financial officer in a cost-saving effort, but remains on payroll as an employee.
As of March 31, the Carlsbad-based biotech firm had $2.3 million in cash, cash equivalents and short-term investments.
Immune Response said the cash will fund operations into June and is exploring "other potential funding options."
Company officials hope to raise between $6 million and $8 million in a planned private placement, not including exercised warrants that could bring in additional funding, said Kathy Lane, a ...