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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 26, 1997
BIOMAGNETIC TECHNOLOGIES, INC.
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(Exact Name of Registrant as Specified in Charter)
California 1-10285 95-2647755
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
9727 Pacific Heights Boulevard, San Diego, CA 92121-3719
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(619) 453-6300
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposal of Assets
Not Applicable
Item 3. Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Registrant has engaged Arthur Andersen LLP as its independent
certifying accountant effective September 24, 1997 dismissing Price Waterhouse
LLP ("Price Waterhouse"), its prior independent certifying accountant, as of the
same date. The change in independent certifying accountant was approved by the
Board of Directors of Registrant on September 26, 1997.
The reports of Price Waterhouse respecting Registrant for fiscal years 1995
and 1996 contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or application of
accounting principles, except that Price Waterhouse's report for fiscal 1996
included an explanatory paragraph regarding the Registrant's ability to continue
as a going concern. During fiscal years 1995 and 1996 and the subsequent period
thereto prior to the dismissal of Price Waterhouse, there were no disagreements
between Registrant and Price Waterhouse on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure,
which disagreements if not resolved to the satisfaction of Price Waterhouse
would have caused them to make reference thereto in their report on the
financial statements for such years.
During fiscal years 1995 and 1996 and the subsequent period thereto prior
to engaging Arthur Andersen LLP, the Registrant had no discussions with Arthur
Andersen LLP regarding either the application of an accounting principle, the
type of opinion that would be rendered in Registrant's financial statements or
any matter that was the subject of disagreement with Price Waterhouse.
Item 5. Other Events
Not Applicable
Item 6. Resignation of Registrant's Directors
Not Applicable.
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Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired.
Not Applicable
(b) Pro forma financial information
Not Applicable
(c) Exhibits
16.1 Letter from Price Waterhouse to the Securities
and Exchange Commission dated September 26, 1997.
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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.
BIOMAGNETIC TECHNOLOGIES, INC.
BY: /s/ D. Scott Buchanan
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D. SCOTT BUCHANAN
President and Chief Executive Officer
Dated: October 2, 1997
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PRICE WATERHOUSE LLP
750 B Street, Suite 2400
San Diego, California 92101
(619) 231-1200
September 26, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read Item 4 of Biomagnetic Technologies, Inc.'s Form 8-K dated
September 26, 1997 and are in agreement with the statements contained in the
first and second paragraphs therein.
Yours very truly,
/s/Price Waterhouse LLP
PRICE WATERHOUSE LLP
