FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report December 7, 1999
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CardioTech International, Inc.
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(Exact name of Registrant as specified in its charter)
Massachusetts 0-28034 04-3186647
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
78 E Olympia Avenue, Massachusetts 01801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (781) 933-4772
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N/A
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(Former name or former address, if changed since last report)
Page 1 of 3
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Item 4. Change in Registrant's Certifying Accountants.
On December 1, 1999, CardioTech International, Inc. (the "Company"), with the
approval of the Company's Audit Committee and Board of Directors, dismissed its
independent accountants, PriceWaterhouseCoopers LLP ("PWC"). During the years
ended March 31, 1999 and 1998, and the subsequent interim period through
December 1, 1999 (the date of PWC's dismissal as the Company's independent
accountants), (i) there were no disagreements with PWC on any matters of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
PWC, would have caused PWC to make a reference to the subject matter of the
disagreements in connection with its reports in the financial statements for
such years and (ii) there were no "reportable events" as described in Items
304(a)(1)(iv) of Regulation S-K. The independent accountant's report of PWC on
the Company's consolidated financial statements for the year ended March 31,
1998 contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principles.
The independent accountant's report of PWC on the Company's consolidated
financial statements for the year ended March 31, 1999 contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as to audit
scope or accounting principles. However, the independent accountant's report of
PWC on the Company's consolidated financial statements for the year ended March
31, 1999 was modified as to a going concern uncertainty to which the Company
concurred without objection.
The registrant has requested that PWC furnish it with a letter addressed to the
Security and Exchange Commission stating whether or not it agrees with the above
statements. A copy of such letter dated December 7, 1999 is filed as Exhibit 16
to Form 8K.
On December 6, 1999, the Company appointed, with the approval of the Company's
Audit Committee and Board of Directors, the firm of BDO Seidman, LLP as its
independent accountants.
Item 7. Financial Statements and Exhibits.
a.) Exhibits.
Exhibit 16 Letter of PricewaterhouseCoopers, LLP.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CardioTech International, Inc.
By: /s/ Michael Szycher
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Michael Szycher, PhD
Chairman and CEO
Date: December 7, 1999
December 7, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by CardioTech International, Inc. (copy
attached), which we understand will be filed with the Commission, pursuant to
Item 4 of Form 8-K, as part of the Company's Form 8-K report dated December 7,
1999. We agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
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PricewaterhouseCoopers LLP
