Tapestry receives going concern qualification in 2005 audit report

By Lisa Kerner

Erie, Pa., March 2 - Tapestry Pharmaceuticals, Inc. said it received a going concern qualification in the audit report included in its annual 10-K report recently filed with the Securities and Exchange Commission.

In February, the company entered into an agreement for the private placement of common stock and warrants for proceeds of $25.5 million. This financing is expected to close in April, subject to stockholder approval and other customary closing conditions, according to a company news release.

Tapestry said it believes the proceeds from the financing would address the issues that precipitated the going concern qualification.

Boulder, Colo.-based Tapestry develops proprietary therapies for the treatment of cancer

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