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Prospector
Profile
115-01
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| AlphaRx, Inc. |
NAICS |
325412 |
| 200-168 Konrad Crescent
Markham, Ontario, Canada L3R 9T9 |
Description |
Pharmaceutical Mfg. |
| (905) 479-3245 |
Employees |
7 |
| http://www.alpharx.com/ |
Revenue |
(mil) |
0.1700 |
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Income |
(mil) |
-1.7500 |
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Assets |
(mil) |
0.3640 |
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Liability |
(mil) |
0.0940 |
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(for the year ended 2007-09-30) |
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Category:
Audit Concerns
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Event:
Schwartz Levitsky Feldman LLP expressed substantial doubt about the abiliity of AlphaRX, Inc., to continue as a going concern after auditing its financial statement for the year ended September 30, 2007. The auditor notes that the Company has suffered recurring losses from operations. The Company had a net loss of $1,750,236 on revenues of $170,441 for the year ended September 30, 2007, compared to a net loss of $2,522,293 on revenues of $1,024,774 for the year ended September 30, 2006. The Company's balance sheet showed an accumulated deficit of $16,284,473 as of September 30, 2007. It also has strained liquidity with $146,714 in total current assets available to pay $706,152 in total current liabilities.
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Intellectual Property:
The Company has four United States patent pending applications for the use of Rifamsolin, Zysolin, Vansolin & Ocusolin to treat Tuberculosis and other infectious diseases, and for the use of NuProm to treat acne. The Company also applied for patents in Mexico, Japan and China for the use of Indaflex to increase efficacy of non steroidal anti-inflammatory drugs which are still pending. The Company also has two issued United States patents for the use of certain oral care products that have never been developed. The Company has registered in Canada the trademarks "BCD", "Flexogan", "Indaflex","AlphaRx", "PhytoScience", "NuProm", and "LipoLette". It has also registered in the United States the trademarks "Flexogan", "Indaflex", "LipoBloc", "NuProm", "Oralife". It has also registered "Flexogan" in the Peoples’ Republic of China. [SEC Filing 10-KSB 12-19-2007]
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Description:
AlphaRx, Inc. is a clinical stage biopharmaceutical company engaged in the research and development of innovative therapeutic products using advanced drug delivery technologies, which can be combined with a broad range of therapeutic products to improve their effectiveness.
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Officers:
Michael M. Lee (Chair & CEO); Marcel Urbanc (CFO); Joseph Schwarz, Ph. D (Chief Scientist); Michael Weisspapir, MD, Ph.D (Chief Medical Officer); Sandro Persia (Sec. & Treas.)Dr. David Milroy (Dir.); Dr. Ford Moore (Dir.)
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Auditor:
Schwartz Levitsky Feldman LLP
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Securities:
Common Stock-Symbol ALRX.OB; OTC BB; 86,203,964 common shares outstanding as of December 18, 2007.
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