Sunquest sponsors pathology association

Sunquest Information Systems (Tucson, Arizona), a maker of laboratory and diagnostic information systems, said that it is a founding gold sponsor of the Digital Pathology Association (DPA), a non-profit organization committed to the advancement of digital pathology applications in healthcare. The goals of the DPA include supporting digital pathology education initiatives, defining best practices, influencing standards and interfaces, organizing an annual conference that addresses diverse needs within the industry, and more.

"We're pleased to help launch a forum that will unite the pathology industry in a way that fosters access to more accurate and comprehensive patient information, ultimately contributing to the delivery of a transformed care process," said Richard Atkin, president/CEO of Sunquest.

Wound Healing to amend financial statements

The Center for Wound Healing (Tarrytown, New York), a operator of comprehensive wound care treatment centers that offer hyperbaric oxygen therapy as well as other wound care treatment modalities, said that the company's consolidated financial statements for the quarter ended March 31, 2008 and for the year ended June 30, 2008 need to be restated, and that investors should no longer rely upon those consolidated financial statements. The Company will file an amendment to the 2008 Form 10-QSB and 2008 Form 10-KSB to restate the 2008 Financial Statements as soon as practicable.

The restatements result from a correction to previous accounting used in the $17.5 million financing the company consummated on March 31, 2008 with Bison Capital Equity Partners. In particular, a modification needed to be made to the Black Scholes model related to the pricing of warrants issued to Bison Capital Equity Partners to purchase shares of the company's common stock, the amortization of costs associated with such financing, and the issuance of appropriate number of warrants. Specifically, it was determined that noncash interest expense was overstated, shareholders' equity was understated, and long-term liabilities and other assets were overstated.