WPD Pharmaceuticals Comments on SEC Order
VANCOUVER, British Columbia, May 05, 2020 (GLOBE NEWSWIRE) -- WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the “Company” or “WPD”) a clinical
stage pharmaceutical company, clarifies the temporary suspension on its trading ordered by the United States Securities and Exchange Commission (“SEC”).
After trading hours on May 1, 2020 the SEC issued an Order (the “Order”) in the public interest and protection of investors requiring a suspension in the trading of securities of WPD Pharmaceuticals Inc. pursuant to Section 12(k) of the Securities Exchange Act of 1934. Under such Order trading in the securities of the Company in the United States is suspended for the period from 9:30 a.m. EDT, on May 4, 2020 through 11:59 p.m. EDT on May 15, 2020.
The Order cites: “The Commission temporarily suspended trading in the securities of WCOTF because of questions regarding the accuracy and adequacy of information in the marketplace about the Company and its securities. Those questions relate to, among other things, statements made by WCOTF and others, in a press release on April 9, and in other statements on March 19, March 20, and April 13, concerning the Company’s business, including the status of development of a drug candidate labeled WP1122 for potential application to COVID-19, and the ability to expedite regulatory approval of any such treatment.”
The Company issued a press release on April 9, 2020 about a study preprint in NatureResearch by researchers from the University of Frankfurt. The Company at the request of IIROC clarified its prior disclosure in a press release also dated April 9, 2020 and encourages investors to read these clarifications. The Company is not making any express or implied claims that its licensed compound has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time.
The Company has contacted the SEC regarding the suspension and has communicated with the Canadian Securities Exchange regarding the implications of the SEC order.
The Company is a reporting issuer in British Columbia and Alberta. Neither the British Columbia Securities Commission nor the Alberta Securities Commission have issued a cease trade order against the Company’s securities following the Order. However, the Company’s shares will likely remain halted in Canada pending clarification of the SEC’s concerns regarding the Company’s disclosure.