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Prospector
Profile
07.1065
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| Ortec International, Inc. |
NAICS |
541710 |
| 3960 Broadway
New York, NY 10032 |
Description |
Biotechnology |
| (212) 740-6999 |
Employees |
27 |
| http://www.ortecinternational.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-18.0000 |
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Assets |
(mil) |
1.5610 |
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Liability |
(mil) |
44.1660 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
BDO Seidman LLP expressed substantial doubt on the ability of Ortec International, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has incurred a net loss of $18.4 million during the year ended December 31, 2006. In addition, the Company's current liabilities exceeded its current assets by $43.5 million, its total liabilities exceeded its total assets by $42.6 million and has a deficit accumulated in the development stage of $179.1 million.
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Intellectual Property:
The Company has 4 United States patents, 1 European patent covering 13 countries, and 10 patents in 10 other countries that protect its OrCel® technology. It also has 1 United States and 8 international patent applications pending for its technology and processes. The FMB technology is covered by 5 US patents and 1 Australian patent. There are also corresponding European, Japanese and Canadian applications in the prosecution phase. In Australia, 1 patent has been granted and another patent has been allowed to protect its Haptides™ technology. During 2006, 2 US patents were granted covering the Haptide technology and 2 patent applications are in the prosecution phase in the US, Europe and PCT countries. [SEC Filing 10-KSB 06-19-07]
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Description:
Ortec is a development stage tissue engineering company, focusing on cell culturing, biology, and biomaterials in the United States.
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Officers:
Steven Katz, Ph.D. (Chair); Ron Lipstein (Vice Chair, CEO, Sec. & Treas.); Constantin Papastephanou, Ph.D. (Pres. & COO); Alan W. Schoenbart (CFO); Mark Eisenberg, M.D. (Dir.); Steven Lilien, Ph.D. (Dir.); Allen I. Schiff, Ph.D. (Dir.); Raphael Hofstein, Ph.D. (Dir.); Andreas Vogler (Dir.)
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Auditor:
BDO Seidman LLP
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Securities:
Common Stock-Symbol OTCI.PK; Other OTC;
8,963,870 common shares outstanding as of May 31, 2007.
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