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DOV needs more cash to meet capital requirements beyond early 2009
By Caroline Salls
Pittsburgh, May 15 - DOV Pharmaceutical, Inc. said it will still need to raise additional funds to meet future capital requirements, according to a 10-Q filed Thursday with the Securities and Exchange Commission.
The company said it expects its existing cash and cash equivalents to be sufficient to fund its operating expenses and capital requirements through the end of 2008 and perhaps into early 2009. As previously reported, in March, the company said it expected its existing capital to take it through November.
According to the 10-Q, DOV will need to raise additional funds through equity or debt financings, collaborative agreements with corporate partners or from other sources to meet capital requirements beyond early 2009.
The company said it could need additional capital sooner if it incurs unexpected costs associated with a phase 2 clinical trial that is being conducted in Eastern Europe.
If adequate funds are not available, the company said it will be required to curtail or significantly delay its remaining product development programs. DOV said the capital needs raise substantial doubt about its ability to continue as a going concern.
DOV said its future capital uses and requirements depend on its progress with research and development; its ability to maintain and establish collaborations that finance research and development on clinical candidates; the progress and success of clinical trials and preclinical studies of product candidates; costs and timing associated with defending patent and intellectual rights; and the costs and timing of regulatory approvals.
DOV is a biopharmaceutical company based in Somerset, N.J.
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