CHICAGO--(BUSINESS WIRE)--Advanced Biotherapy, Inc. (OTCBB:ADVB) announced today that it restated
its 2004 and 2005 audited financial statements and its 2006 quarterly
unaudited financial statements as follows:
1.
Revised its Statements of Operations in its amended Form 10-KSB for
the year ended December 31, 2005 and its amended Forms 10-QSB for
the three quarters in 2006 to reclassify the amount described as
"Vesting of Options and Warrants (Non-Cash)" as "Consulting,
Research and Development (Non-Cash)."
2.
Revised Note 5 - Patents and Patents Pending - in the amended Form
10-KSB to disaggregate the total carrying value by existing patents
and patents pending.
3.
Revised Note 7 - Concentrations, Bank Accounts and Investments - in
the amended Form 10-KSB to reclassify its auction rate securities
for 2004 between cash and investments, and to report the
purchase/sale of them as a financing activity on the Statements of
Cash Flows.
4.
Revised Note 12 - Conventional Convertible Debt - in its amended
Form 10-KSB for the year ended December 31, 2005, to recognize in
2004 an additional interest expense of $49,749 in connection with
the Company's reduction of the conversion price from $0.25 to $0.24
per share with respect to its outstanding 2000 and 2002 convertible
notes that were converted prior to their maturity date of September
30, 2004. This additional interest expense resulted in an increase
of $49,749 in our net loss for the year ended December 31, 2004,
resulting in a net loss of $2,490,444 for that year. The correction
increases the Company's accumulated deficit by an equivalent amount
for each succeeding reporting period.
Company President and Chief Executive Officer, Christopher W. Capps said
today that “the restatements correct
accounting items identified by the Securities and Exchange Commission
and, with the oversight of the Company’s
Audit Committee, we have instituted procedures to avoid such errors in
the future.”
About Advanced Biotherapy
The Company, a pioneer in anticytokine therapy, has demonstrated the
effectiveness of its pioneering scientific strategy by conducting
investigational clinical trials treating patients suffering from AIDS,
multiple sclerosis, rheumatoid arthritis, corneal transplant rejection
and certain autoimmune skin conditions, including alopecia, all Th1
mediated autoimmune diseases which appear to have the same
proinflammatory Th-1 activity. Advanced Biotherapy is headquartered in
Chicago with laboratories in Columbia, Maryland. The Company has an
extensive patent portfolio including 7 issued patents.
Forward-Looking Statements
Statements made in this news release, other than statements of
historical fact, are forward-looking statements and are subject to a
number of uncertainties that could cause actual results to differ
materially from the anticipated results or other expectations expressed
in our forward-looking statements. Some of these forward-looking
statements may be identified by the use of words in the statements such
as "anticipate," "estimate," “could”
"expect," "project," "intend," "plan," "believe,”“seek,”“should,”“may,”“assume,”“continue,”
variations of such words and similar expressions. These statements are
not guarantees of future performance and involve certain risks,
uncertainties, and assumptions that are difficult to predict. We caution
you that our performance and results could differ materially from what
is expressed, implied, or forecast by our forward-looking statements.
The Company operates in a rapidly changing environment that involves a
number of risks, some of which are beyond the Company’s
control. Future operating results and the Company’s
stock price may be affected by a number of factors, including, without
limitation: (i) opportunities for acquisition of a revenue generating
business; (ii) opportunities for licensing agreements with
pharmaceutical companies relating to the Company’s
patents; (iii) opportunities for joint ventures and corporate
partnering; (iv) regulatory approvals of preclinical and clinical
trials; (v) the results of preclinical and clinical trials, if any; (vi)
health care guidelines and policies relating to prospective Company
products; (vii) intellectual property matters (patents); and (viii)
competition. See the Company's public filings with the Securities and
Exchange Commission for further information about risks and
uncertainties that may affect the Company and the results or
expectations expressed in our forward-looking statements. Given these
risks and uncertainties, any or all of these forward-looking statements
may prove to be incorrect. Therefore, you should not rely on any such
forward-looking statements. Except as required under federal securities
laws and the rules and regulations of the SEC, we do not intend to
update publicly any forward-looking statements to reflect actual results
or changes in other factors affecting such forward-looking statements.
