Auditor flags concerns about Transcu's financial status

STRUGGLING biotech firm Transcu Group's independent auditor has flagged conditions that may cast "significant doubt" on the group's and company's ability to continue as going concerns.

In an "emphasis of matter" note, the company's independent auditor, Nexia TS Public Accounting Corporation, said the group's current liabilities surpassed its current assets by US$16.6 million as at March 31, 2013, a wider gap than the US$5.7 million excess liabilities as at March 31, 2012.

Transcu's board also highlighted yesterday material discrepancies between its unaudited and audited full-year results.