...We Welcome You to the Zenith Epigenetics Hub withIn The AGORACOM COMMUNITY!

Zenith's BET Inhibitor ZEN-3694 is Currently Being Evaluated in Multiple Oncology Clinical Trials

Free
Message: Re: Zenith Updates
1
Jan 29, 2016 10:52AM
6
Jan 29, 2016 12:50PM
5
Jan 30, 2016 10:49AM
5
Jan 30, 2016 11:14AM

Koo

Following is Note 3 of the financial statements of Zenith as at 10-31-15. The Going Concern disclosure is required when there is material uncertainty that the entity can continue operations over the next year.

3. Going concern The success of the Company is dependent on the continuation of its research and development activities and its ability to finance its cash requirements. It is not possible to predict the outcome of future research and development programs, or the Company’s ability to fund these programs in the future. The accompanying condensed interim consolidated financial statements have been prepared pursuant to IFRS applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due. The Company has incurred significant losses to date, and with no assumption of revenues, is dependent on its ability to raise additional financial capital by continuing to demonstrate the successful progression of its research and development activities if it is to remain as a going concern. As at October 31, 2015, the Company has $0.1 million of cash and is committed to pay $2.1 million of trade and other payables, $2.6 million due to related parties and $0.7 million for research and development commitments and $0.4 million of lease obligations over the next twelve months as described further in Note 11 “Commitments”. We believe the Company’s cash is not sufficient to fund the Company’s contractual commitments over the next year and is not sufficient to fund all of the Company’s planned business operations over the next year. The Company will have to raise additional capital. If the Company is not able to raise capital, the Company would have to reduce its cash requirements by eliminating or deferring spending on research, development and corporate activities. These conditions result in a material uncertainty which casts significant doubt on the Company’s ability to continue as a going concern. In addition, the Company will require additional capital to fund its planned research, development and corporate activities beyond the next year. The Company will continue to explore alternatives to generate positive cash flow including raising additional equity and product licensing; however, there is no assurance that these initiatives will be successful. The Company intends to raise capital from equity and/or debt offering and partnering in the future. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities, and the reported revenues and expenses that might be necessary should the Company be unable to continue as a going concern.

Zenith is in a pinch and is in dire need of cash -Something needs to be done soon. As BDAZ points out they have more than one iron in the fire and are actively pursuing funding. My concern is dilution of my newco holdings.

Chicagoest

7
Feb 02, 2016 02:53PM
3
Feb 02, 2016 07:02PM
3
Feb 02, 2016 07:40PM
6
Feb 02, 2016 10:41PM
4
Feb 03, 2016 08:41AM

Feb 03, 2016 09:08AM
3
Feb 03, 2016 11:09AM
2
Feb 03, 2016 12:21PM
Share
New Message
Please login to post a reply