UPDATE 1-Oscient gets going concern notice; considering options

* Says looking at alternative including sale of co

* Says intends to raise additional capital

* Says may not be able to get additional financing

* Shares up 25 pct

March 25 (Reuters) - Oscient Pharmaceuticals Corp OSCI.O, which received a "going concern" warning from its auditors, said it was looking at alternatives, including the sale of the company.

The company's shares, which closed at 14 cents a share Tuesday, were trading up 25 percent at 17 cents a share on Nasdaq.

Oscient joins a growing list of firms in the United States to receive a "going concern" warning, as the U.S. recession has put the survival of hundreds of companies in doubt.

Every year, U.S. auditors are required to say when they have substantial doubt about whether a company can survive for another 12 months.

Auditors' so-called "going concern opinions" are included in companies' Form 10-K annual reports filed with U.S. regulators, and sometimes can put companies in violation of their loan covenants.

The pharmaceutical company plans to seek additional financing to refinance existing debt, but said it may not be able to get adequate financing.

The company had recently cut about 32 percent of its workforce in the Unites States and also eliminated cash bonuses to its officers and office personnel.

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For the company press release, double-click [ID:nBw255529a] (Reporting by Vidya L Nathan in Bangalore; Editing by Jarshad Kakkrakandy)