Cambridge Biotech Corp. said Thursday that its stock would not belisted on the NASDAQ National Market System (NMS), effectiveThursday, because of its failure to provide audited financial statementsas required periodically by the Securities and Exchange Commissionand the National Association of Securities Dealers. "We expect to be in full compliance as soon as we can obtain theaudited financial statements, and at that time we will be reapplying forNMS listing," Tom Broomall, the Worcester, Mass., company'scorporate finance manager, told BioWorld. "[Accounting firm]Coopers & Lybrand is fully engaged in performing the audit. Theycannot project when the financials will be available."In March, auditors from Deloitte & Touche suspended their 1993 auditof Cambridge Biotech because of concerns about certain companytransactions, some of which allegedly involved recording sales inperiods they did not occur. The special counsel hired to assist in theinvestigation brought in Coopers & Lybrand, which was retained andwill perform audits for fiscal years 1991, 1992 and 1993. _ Jim Shrine
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