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Prospector
Profile
07.1106
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| Aethlon Medical, Inc. |
NAICS |
339100 |
| 3030 Bunker Hill Street, Suite 4000
San Diego, CA 92109 |
Description |
Medical Equipment Mfg. |
| (858) 459-7800 |
Employees |
6 |
| http://www.aethlonmedical.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-6.0240 |
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Assets |
(mil) |
0.6130 |
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Liability |
(mil) |
7.7050 |
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(for the year ended 2007-03-31) |
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Category:
Audit Concerns
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Event:
Squar Milner Peterson Miranda & Williamson LLP raised doubts on the ability of Aethlon Medical, Inc. to continue as a going concern after auditing its financial statements. The Company has suffered continuing losses from operations, is in default on certain debt, has negative working capital of approximately $7,260,000 and a deficit accumulated during the development stage of approximately $28,087,000 at March 31, 2007. The auditor adds that a significant amount of additional capital will be necessary to advance the development of the Company's products to the point at which they may become commercially viable.
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Intellectual Property:
The Company currently owns or has license rights to a number of U.S. and foreign patents and patent applications. The Company also relies on trade secrets, unpatented property, know-how, regulatory exclusivity, patent extensions and continuing technological innovation to develop competitive position. Effective January 1, 2000, the Company entered into an agreement with a related party, under which an invention and related patent rights for a method of removing HIV and other viruses from the blood using the Hemopurifier® were assigned to the Company. On November 7, 2006, the Company entered into an assignment agreement with the London Health Science Center Research, Inc. and Thomas Ichim, under which an invention and related patent rights for a method to treat cancer were assigned to the Company. The invention provides for the "Depression of anticancer immunity through extracorporeal removal of microvesicular particles" for which a provisional patent application was filed in the United States. [SEC Filing 10-KSB 07-13-07]
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Description:
The Company engages in the research and development of a medical device known as the Hemopurifier that removes harmful substances from the blood.
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Officers:
James A. Joyce (Chair, Pres., CEO & Sec.); Harold H. Handley, PhD (Pres.); Richard H. Tullis, PhD (VP, Chief Science Officer & Dir.); James W. Dorst (CFO); Franklyn S. Barry, Jr. (Dir.); Edward G. Broenniman (Dir.)
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Auditor:
Squar Milner Peterson Miranda & Williamson LLP
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Securities:
Common Stock-Symbol AEMD.OB; OTC BB;
32,008,389 common shares outstanding as of June 29, 2007.
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