Okay, so I'm starting to talk to myself. Anyway, I have been looking over various the latest PRLN EDGAR filing and I found some curious items...
During the quarter ending June 30, 1997 the Company incurred $220,000 in
expenses in preparation of the launch of the product AndroVir-DS. In April 1997,
the Company was advised by the Food and Drug Administration that the dietary
supplement marketing of AndroVirTM for HIV+ individuals and of AndroCarTM to
persons with cancer would constitute claims that the products are intended to
treat persons with serious diseases and thus intended for drug use and not
dietary supplement use. After careful consideration the Company decided to
cancel the launch.
During the nine month period ended June 30, 1996 the Company incurred $411,500
of expenses associated with the development, marketing and launch of the
newsletter, NEW CENTURY NUTRITION. Publication ceased December 31, 1996.
In
April, 1997 the Company's option to acquire East West Herbs, Ltd. of Kingham,
England expired. The option fee and related legal and professional fees of
$92,800 are included in general and administrative expenses
So, it appears that $724,300 were wasted. I can't wait to see if these charges hold up in an audit. Speaking of auditing, it turns out the company recently changed their auditor...
Okay, so
On November 8, 1996 the Company engaged KPMG Peat Marwick, LLP as its
independent auditors for the year ending September 30, 1996 as approved by
its Board of Directors and simultaneously dismissed Arthur Andersen LLP. A
representative of Peat Marwick, LLP is expected to be present at the Meeting
with the opportunity to make a statement and is available to respond to
appropriate questions from stockholders.
Comments, anyone? Again, read carefully the statement about the FDA comments over the labelling of AndroVir/CAr. Nothing is mentioned regarding safety of the drug, only a labelling issue.
The more I dig up on Paracelsian, the more I have to ponder...
Also, check out the Paracelsian web Site. It has been "updated" lately. That is, everything of any content has been weeded out. Probably, someone was concerned. Has anyone noted any misrepresentations there?
Rick C. |
