Holmes Biopharma, Inc.: Omaha Research Operations Disrupted
SCOTTSDALE, ARIZONA - Holmes Biopharma announces that its clinical research operations in Omaha, Nebraska have been disrupted due to a working capital deficiency. The Company's operating subsidiary has created a strategy to continue operations in Kiev, Ukraine and Toronto, Canada.
The Company has for several months been attempting to refinance its clinical research subsidiary. Additional funding is needed because of operating losses incurred during its start up period combined with increased overhead created by strong growth in sales. Weak equity and banking conditions worldwide have made this process difficult and there is no guarantee that a refinancing is possible in order to allow operations in Omaha to continue.
The Company will provide more information as it becomes available.
On behalf of the Board of Directors
John F. Metcalfe, President, CEO
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