Elanix Biotechnologies AG: The Management Board of Elanix Biotechnologies AG will make corrections to its 2017 financial statements due to a fault detection by DPR with regard to the accounting of intangible assets in the 2015 consolidated fin
The Management Board does not agree with this fault detection because it believes that on the one hand the exclusive patent right combined with the own GMP-certified master and working cell banks represent considerable assets and on the other hand the contribution and activation took place correctly.
Nevertheless, the Company will undertake the correction of intangible assets requested by DPR and will correct the annual financial statements accordingly. In its decision, the Management Board has taken into account the anticipated costs that would occur if the company does not make the correction and also the uncertainty that arises in this regard, since ultimately the result of a possible contradiction cannot be predicted. The Management Board concluded that it is more appropriate for the Company to make the correction. However, the Company reserves the right to continue to communicate the presentation of the Company's intangible assets, which from its point of view is correct, in a pro forma presentation to the annual financial statements. At the same time, the Management Board intends to define a well-known audit company to revalidate the certified cell banks owned by the Company according to the latest status. The fault detection by DPR has no impact on the operating business of the Company. The exclusive patent right and the own cell banks will continue to be fully utilized for the further industrialization of First Cover and for the further development of the planned product portfolio of the Company. Tomas Svoboda, CEO Contacts Elanix Biotechnologies Tomas Svoboda Tel: +41 (0)22 363 66 40 email@example.com About Elanix Elanix develops and commercializes tissue regeneration products for acute wound care, dermatological and gynecological applications, and provides services in cell technologies. The company was founded in 2012 as a spin-out from the University Hospital of Lausanne (CHUV), Switzerland, to commercialize a patented human progenitor cell technology. Progenitor cells are fully differentiated yet immunologically neutral cells that are very potent inducers of tissue growth and healing. Elanix owns GMP certified Master and Working human cell banks with vast quantities of cells. Elanix has registered headquarters in Berlin, Germany, with offices in Wiesbaden, Germany and Nyon, Switzerland. It is listed in the Regulated Market on the Frankfurt Stock Exchange under the symbol ELN.F. For more information and updates, visit www.elanixbiotechnologies.com Forward-looking statements This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.
09-Nov-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Elanix Biotechnologies AG Kurfürstendamm 32 10719 Berlin
Germany Phone: +41 22 363 66 40 Fax: +41 22 363 66 41 E-mail: firstname.lastname@example.org Internet: www.elanixbiotechnologies.com ISIN: DE000A0WMJQ4 WKN: A0WMJQ Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf End of Announcement DGAP News Service
743753 09-Nov-2018 CET/CEST