ARCA Announces Going Concern Opinion per Nasdaq Rule 5250(b)(2)
BROOMFIELD, Colo.--(BUSINESS WIRE)--Mar 11, 2010 - ARCA biopharma, Inc. (NASDAQ: ABIO), a biopharmaceutical company developing genetically targeted therapies for heart failure and other cardiovascular disease, today announced, as required by NASDAQ Marketplace Rule 5250(b)(2), that the report of the Company's independent registered public accounting firm, included in its previously filed consolidated financial statements for the fiscal year ended December 31, 2009, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 4, 2010, contained an explanatory paragraph expressing substantial doubt regarding the Company's ability to continue as a going concern. This announcement does not represent any change or amendment to the Company's fiscal year 2009 financial statements or to its Annual Report on Form 10-K.
About ARCA biopharma
ARCA biopharma is dedicated to developing genetically targeted therapies for heart failure and other cardiovascular disease. The Company's lead product candidate, GencaroTM (bucindolol hydrochloride), is an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for heart failure. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted heart failure treatment. ARCA is collaborating with Laboratory Corporation of America to develop the companion genetic test for Gencaro. For more information please visit www.arcabiopharma.com.
Safe Harbor Statement
This press release contains "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the impact of genetic biomarkers on patient response to Gencaro and the use of such biomarkers to predict therapeutic response. Such statements are based on management's current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company's financial resources and whether they will be sufficient to meet the Company's business objectives and operational requirements; the Company's ability to complete a strategic transaction to support the continued development Gencaro, and/or obtain additional financing; the Company's ability to identify, develop and achieve commercial success for products and technologies; risks related to the drug discovery and the regulatory approval process; and, the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA's filings with the SEC, including without limitation the Company's annual report on Form 10-K for the year ended December 31, 2009 and any subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.
Contact: ARCA biopharma, Inc.
Vice President, Investor Relations & Corporate Communications
Posted: March 2010