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Prospector
Profile
3-26-003
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| Isolagen, Inc. |
NAICS |
541710 |
| 405 Eagleview Boulevard,
Exton, PA 19341 |
Description |
Biotechnology |
| (484) 713-6000 |
Employees |
42 |
| http://www.isolagen.com/ |
Revenue |
(mil) |
1.4000 |
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Income |
(mil) |
-35.5700 |
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Assets |
(mil) |
39.4900 |
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Liability |
(mil) |
98.1400 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
BDO Seidman LLP raised substantial doubt on Isolagen, Inc.'s ability to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2007. The auditing firm notes that the Company has suffered recurring losses from operations and has a net capital deficit. The Company reported a net loss of $35.57 million on total revenue of $1.40 million for the year ended December 31, 2007, as compared with a net loss of $35.82 on total revenue of $384,389 in the prior year. At December 31, 2007, the Company's balance sheet showed $39.49 million in total assets, $96.28 million in total liabilities and $1.85 million in minority interests, resulting in a $58.65 million stockholders' deficit.
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Intellectual Property:
As of December 31, 2007, the Company had 8 issued U.S. patents, 6 pending U.S. patent applications, 32 granted foreign patents and 19 pending foreign patent applications. The issued patents and patent applications primarily cover the method of using autologous cell fibroblasts for the repair of skin and soft tissue defects and the use of autologous fibroblast cells for tissue regeneration. The Company is in the process of pursuing several other patent applications. In January 2003, the Company acquired two pending U.S. patent applications. In August 2006, the Company acquired Agera Laboratories, which has a number of trade names, trademarks, exclusive proprietary rights to product formulations and specified peptides that are used in the Agera skincare products. [SEC Filing 10-K 03-07-08]
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Description:
Isolagen, Inc., develops skin and tissue rejuvenation products for application in certain aesthetic and therapeutic markets.
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Officers:
Nicholas L. Teti (Chair); Declan Daly (CEO); Todd J. Greenspan (CFO); Steven Morrell (Dir.); Henry Y.L. Toh (Dir.); Ralph V. De Martino (Dir.); Marshall G. Webb (Dir.); Terry E. Vandewarker (Dir.); Kenneth A. Selzer (Dir.)
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Auditor:
BDO Seidman LLP
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Securities:
Common Stock-Symbol ILE; AMEX;
37,639,408 common shares outstanding as of March 3, 2008.
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