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Prospector
Profile
110-03
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| MIV Therapeutics, Inc. |
NAICS |
339100 |
| 1-8765 Ash Street
Vancouver, British Columbia, Canada V6P 6T3 |
Description |
Medical Equipment Mfg. |
| (604) 301-9545 |
Employees |
90 |
| http://www.mivtherapeutics.com/ |
Revenue |
(mil) |
0.1910 |
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Income |
(mil) |
-10.4990 |
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Assets |
(mil) |
4.2500 |
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Liability |
(mil) |
2.5700 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Ernst & Young LLP raised substantial doubt about MIV Therapeutics, Inc.'s ability to continue as a going concern after auditing its financial statements. The auditor notes that the Company has recurring losses from operations since inception and has a working capital deficiency. The Company had a net loss of $10,499,471 for the year ended May 31, 2007, which is higher than the net losses of $9,094,835 and $6,608,882 reported for the years ended May 31, 2006 and 2005, respectively. As a result of its recurring losses, the Company has an accumulated deficit of $41,627,415 as of May 31, 2007. It also has strained liquidity with $1,531,760 in total current assets available to pay $2,250,439 in total current liabilities.
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Intellectual Property:
The Company's proprietary coating and drug delivery technologies are protected by 50 patents and patent applications worldwide. The Company has exclusive worldwide rights to the HAp coating technology from the University of British Columbia (UBC) for use on stents and other medical devices, including the rights to manufacture and market coated products using these technologies. To date, UBC has two patents granted and one patent pending on novel coating technologies. The Company has applications pending in the United States Patent and Trademark Office and in Canada for protection of the trade name "MIV Therapeutics." It also owns the domain names mivi.ca, mivtherapeutics.com, mivtinc.com and bio-deliverysystems.com. [SEC Filing 10-K/A 12-04-07]
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Description:
MIV Therapeutics is developing a next-generation line of ultra thin, polymer-free passive and drug-eluting coatings for cardiovascular stents and a broad range of other implantable medical devices.
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Officers:
Alan P. Lindsay (Chair & CEO); Mark Landy (Pres. & Dir.); Patrick A. McGowan (EVP, CFO, Sec. & Dir.); Dr. Dov Shimon (Dir.); Dr. Daniel Savard (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock-Symbol MIVT.OB; OTC BB;
113,590,811 common shares outstanding as of July 31, 2007.
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