Phosphagenics investigation
Phosphagenics (ASX: PHO) is awaiting the results of an investigation into what have been identified as “irregular transactions in relation to its invoicing and accounting records.”
Independent legal and accounting professionals are undertaking a thorough and extensive investigation. The company has said that “the amounts involved may be material.”
CEO Dr Esra Ogru has been suspended by the company’s Board of Directors pending the outcomes of the investigation.
In the interim, joint CEO Harry Rosen has returned from the Phosphagenics’s New York office.
The company confirmed it held current cash of $14.1 million and that its clinical trial programs would continue as planned.
Phosphagenics’ shares were trading at $0.11 at about 11 am today.
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