StatSure to restate earnings
StatSure Diagnostic Systems (Framingham, Massachusetts) reported that on Oct.12, the audit committee of its board concluded, based upon the recommendation of the company's management and independent auditors, that the company will restate its previously issued financial statements for the quarters ended March 31, 2005, June 30, 2005, and Sept. 30, 2005, and for the year ended Dec. 31, 2005, included in the company's annual report on Form 10-KSB, and for the quarters ended March 31 and June 30.
The company's previously issued financial statements for these periods should, therefore, no longer be relied upon, it said.
In the course of a routine SEC review of the prior company periodic filings, the SEC issued a comment letter dated Oct. 4, alerting the company to a possible incorrect application of certain accounting principles.
The need to restate the company's financial statements arises from incorrect application of generally accepted accounting principles related to the beneficial conversion feature on the issuance of the convertible debt by the company, and revised calculations of the Employee Stock Options pursuant to FIN 28:
StatSure Diagnostic Systems is engaged in the development, manufacture and marketing of rapid immunoassay tests for the detection of sexually transmitted and other infectious diseases. In addition, the company has developed and is marketing a product line of patented, oral-fluid collection devices.
Del Global relocates HQ
Del Global Technologies (Valhalla, New York) reported that it has relocated its corporate offices from Valhalla, New York, to Franklin Park, Illinois, in suburban Chicago. The new address is 11550 West King Street, Franklin Park, IL 60131.
The company said that the relocation will consolidate Del Global's corporate office into the headquarters of the company's Del Medical Systems Group, which markets and sells medical imaging and diagnostic systems worldwide.
Del Global manufactures diagnostic imaging systems for medical, dental and veterinary applications through the Del Medical Systems Group.
Diagnostic Ultrasound becomes Verathon
Diagnostic Ultrasound (Bothell, Washington) has changed its name to Verathon. In January 2006, Diagnostic Ultrasound acquired a non-ultrasound business, Saturn Biomedical Systems and its GlideScope video laryngoscope (GVL) brand. This move, combined with the company's BladderScan bladder volume instrument business, prompted the new name.
The Verathon name is a fusion of two words that the company says embodies its mission: Veritas (Latin for "truth"), reflecting a commitment to patients and healthcare professionals, and marathon, which suggest enduring achievement over the long run.
Verathon makes instruments for bladder volume measurement.
Nikon, others open microscopy center
Nikon Instruments (Melville, New York), University of California at San Francisco (UCSF) and the California Institute for Quantitative Biomedical Research (QB3) reported the opening of a collaborative core microscopy imaging center to promote education and innovation in microscopy imaging.
The new UCSF Nikon Imaging Center is equipped with the "latest technology for light microscopy imaging systems," Nikon said, and that "such a large collection of high-end microscopy technology is rarely available in a single location."
The center is expected to accelerate bioresearch and discovery, from imaging individual molecules to whole organisms, aiding such studies as brain and heart development, cell movement, chromosome structure and fat accumulation in animal models.
QB3 is the only one of the four California Institutes for Science and Innovation devoted to biomedical research. It brings together scientists from UC Berkeley, UC Santa Cruz and UCSF to apply quantitative techniques to solve complex biological problems.