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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): February 2, 1998
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INKINE PHARMACEUTICAL COMPANY, INC.
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(Exact Name of Registrant as Specified in Charter)
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New York 0-24972 13-3754005
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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Sentry Park East, 1720 Walton Road, Blue Bell, Pennsylvania 19422
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code: (610) 260-9350
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ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
For more than the two most recent fiscal years of InKine
Pharmaceutical Company, Inc. (the "Company"), the independent auditors of the
Company have been Richard A. Eisner & Company, L.L.P. Upon the recommendation of
the Audit Committee of the Company's Board of Directors, Richard A. Eisner &
Company, L.L.P. has been dismissed effective February 2, 1998. The report by
Richard A. Eisner & Company, L.L.P. on the financial statements of the Company
at and for the year ended June 30, 1997 contained an explanatory paragraph
concerning the Company's ability to continue as a going concern. The decision to
change accountants was resulted from developments since the end of the last
fiscal year, including the completion of a private placement of common stock for
gross proceeds of $17 million, the acquisitions of CorBec Pharmaceuticals, Inc.
and Sangen Pharmaceutical Company, and the restructuring of the company's
management. The Audit Committee's action did not result from any disagreement or
advice given on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure. The Company solicited
proposals from three auditing firms, including Richard A. Eisner & Company,
L.L.P. KPMG Peat Marwick LLP was chosen as a result of this process, and was
engaged by the Company as its principal auditors on February 2, 1998.
ITEM 7. EXHIBITS
(a) Exhibits
16. Letter of Richard A. Eisner & Co., L.L.P.
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.
INKINE PHARMACEUTICAL COMPANY, INC.
By: /s/ ROBERT F. APPLE
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Robert F. Apple
Vice President, Finance and Administration
Dated: February 9, 1997
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EXHIBIT INDEX
16 Letter of Richard A. Eisner & Co., L.L.P.
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(LETTERHEAD OF RICHARD A. EISNER & CO., L.L.P.)
February 9, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir and Madam:
We have read the statements made by InKine Pharmaceutical Company, Inc. in Item
4 of the accompanying Form 8-K, which is being filed with the Securities and
Exchange Commission. We agree with the statements therein concerning our firm.
Very truly yours,
/s/ RICHARD A. EISNER & CO., L.L.P.
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