Outlook Improving for Techniclone
Techniclone Corp., a once moribund biopharmaceutical company revived when technology stocks started to shoot up late last year, said Monday that its improved financial outlook has led auditors to drop certain cautionary language from regulatory reports.
The Tustin company said in a news release that it has raised more than $10 million since April through a combination of licensing deals and draws on its existing credit line, prompting auditors to remove from its annual report any question about whether the company would remain a “going concern.”
Techniclone said it also has been able to pay off all its past-due balances and retain $12 million in the bank.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
