VaxGen May Restate Two Years of Results
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VaxGen Inc., which is developing vaccines for smallpox and HIV, said it may have to restate two years of financial results because of the way it accounted for stock warrants.
VaxGen is working with its accountant, KPMG, to evaluate whether the restatements for 2001 and 2002 are needed, a spokesman said. The Brisbane, Calif.-based company hasn’t posted a profit since its first stock offering in 1999.
During a routine review, KPMG alerted the company that $3.5 million in warrants might be incorrectly classified on the company’s balance sheet, VaxGen said.
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