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Biotech / Medical : CLTX: Celsus Therapeutics -- Ignore unavailable to you. Want to Upgrade?

To: Miljenko Zuanic who wrote (37)	3/31/2002 6:34:54 PM
From: mopgcw	Respond to of 40

Collateral Therapeutics Auditor Has Going Concern Doubt DOW JONES NEWSWIRES WASHINGTON -- Collateral Therapeutics Inc.'s (CLTX) auditor, Ernst & Young LLP (X.EYG), said it has substantial doubt about the company's ability to continue as a going concern, according to Collateral Therapeutics' annual report filed Friday with the Securities and Exchange Commission. The auditor said the company has reported accumulated losses of $44 million and that without additional financing it will lack sufficient working capital to fund operations for the year ended Dec. 31, 2001. Collateral Therapeutics reported a net loss of $14.6 million for the year ended Dec. 31, 2001, unchanged from 2000. As reported March 20, German specialty pharmaceuticals company Schering AG (SHR) plans to acquire the 88% of Collateral Therapeutics it doesn't already own through a stock-for-stock transaction valued at $140 million. Schering said it expects the deal to close during the third quarter of 2002. Collateral Therapeutics has called the acquisition "pivotal." Collateral Therapeutics, based in San Diego, develops nonsurgical gene therapy products for treatment of various cardiovascular diseases and as an alternative to coronary bypass surgery and angioplasty.