CellCyte's cash dwindles to less than $6,000, operations suspended |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Bothell stem cell research company CellCyte Genetics is on the brink of collapse, reporting in a Securities and Exchange Commission filing Monday that it had just $5,734 in cash on the books as of Sept. 30. That's less than what some people have in their personal checking accounts.
CellCyte also is facing a deficit of $897,402. "We presently do not have sufficient cash to fund our operations, and have curtailed substantially all activities," the company wrote in the filing. Because the company must raise outside capital to keep going, it wrote in the delayed filing that there is "substantial doubt" that it will "continue as a going concern."
In July, the company suspended nearly all of its operations and put its remaining employees on unpaid leave.
CellCyte's stock crashed earlier this year after The Seattle Times exposed the company' stock promotion efforts and pointed out inconsistencies in the resume of CellCyte Chief Executive Gary Reys. The Times says in a story this week that the company, which had a market value of more than $400 million last year, is facing shareholder lawsuits and is under investigation by the SEC.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.