Business Context and Reporting Period
This Form 8-K is a current report filed by Rexahn Pharmaceuticals, Inc. (not Opus Genetics, Inc.) on February 19, 2009. The filing addresses a change in the registrant's certifying accountant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the administrative change of the independent auditor.
Material Changes
- Resignation of Former Accountant: On February 19, 2009, Lazar Levine & Felix LLP resigned as the principal accounting firm. The resignation was necessitated by the sale of the firm's assets to Parente Randolph, LLC.
- Engagement of New Accountant: On February 20, 2009, the Company engaged Parente Randolph, LLC as its new independent principal accountant. This engagement was approved by the audit committee.
- Audit History: The former accountant reported no adverse, qualified, or modified opinions on the financial statements for the past two years. There were no disagreements regarding accounting principles, practices, or audit scope during the two most recent fiscal years.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding business operations. The primary risk disclosed is the transition of the audit firm, though the former accountant confirmed that the resignation did not prevent the expansion of any audit scope or result in unresolved issues concerning previously issued reports.
Investor Verification Checklist
- Verify the identity of the registrant as Rexahn Pharmaceuticals, Inc., noting the discrepancy with the requested company name (Opus Genetics, Inc.).
- Confirm the effective date of the new auditor (Parente Randolph, LLC) engagement on February 20, 2009.
- Review the attached letter from the former accountant (Exhibit 16.1) to confirm their agreement with the disclosures regarding the lack of disagreements.
- Check subsequent filings to ensure the new auditor has issued an unqualified opinion on the most recent financial statements.