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Prospector
Profile
117-09
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| IGENE Biotechnology, Inc. |
NAICS |
541711 |
| 9110 Red Branch Road
Columbia, MD 21045 |
Description |
Biotechnology R&D |
| (410) 997-2599 |
Employees |
12 |
| http://www.igene.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-2.4310 |
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Assets |
(mil) |
0.0740 |
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Liability |
(mil) |
12.5560 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
JH Cohn LLP raised doubts on the ability of IGENE Biotechnology, Inc. to continue as a going concern after auditing its financial statements for the year ended December 31, 2006. The auditor notes that the Company had recurring losses and limited capitalization. The Company had a net loss of $ $2,431,910 for the year ended December 31, 2006, which is higher than the $2,037,707 net loss incurred during the year ended December 31, 2005. The Company's balance sheet at December 31, 2006, showed an accumulated deficit of $46,840,757, stockholders' deficit of $12,481,699 and working capital deficit of $926,115.
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Intellectual Property:
The Company protects its intellectual property rights by a variety of means, including applying for patents and trademarks in the United States and in other countries. Igene also relies upon trade secrets and improvements, unpatented proprietary know-how and continuing technological innovation to develop and maintain its competitive position. All patents and trademarks are carefully reviewed and those with no foreseeable commercial value are abandoned to eliminate costly maintenance fees. Patents, trademarks on technology and products with recognized commercial value, and which Igene is currently maintaining, include those for AstaXin®. [SEC Filing 10-KSB 12-21-07]
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Description:
IGENE Biotechnology engages in the development, marketing, and manufacture of specialty ingredients for human and animal nutrition in the United States and internationally.
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Officers:
Michael G. Kimelman (Chair); Thomas L. Kempner (Vice Chair); Stephen F. Hiu (Pres., Chief Technical Officer & Dir.); Patrick F. Monahan (VP, Sec. & Dir.); Edward J. Weisberger (CFO); Sidney R. Knafel (Dir.)
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Auditor:
JH Cohn LLP
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Securities:
Common Stock-Symbol IGNE.PK; Other OTC;
109,437,072 common shares outstanding as of December 11, 2007.
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