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The company's Quarterly Report on Form 10-Q for the quarter ended 31 March 2009 was due to be filed with the US Securities and Exchange Commission by 15 May 2009.
Oscient Pharmaceuticals blamed the delay on the departure of certain employees, as well as its ongoing review of strategic alternatives. The company has not yet stated when it expects the quarterly report to be filed.
In its Annual Report on Form 10-K for the fiscal year ended 31 December 2008 Oscient Pharmaceuticals stated that it believes it has cash to continue current operations into the third quarter of 2009, unless it is able to raise additional capital and/or refinance or amend the terms of its capital structure.
If the company does not obtain adequate financing or is unable to pay its indebtedness as it becomes due, it may have to take other measures to significantly reduce expenses which will have a material adverse effect on its business and/or the company may seek bankruptcy protection.
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