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PharmaDrug Announces Cease Trade Order
Toronto, Ontario--(Newsfile Corp. - May 8, 2023) - PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (" ...
About this update from Pharmadrug, Inc.
[{"type":"text","content":"PharmaDrug Announces Cease Trade OrderToronto, Ontario--(Newsfile Corp. - May 8, 2023) - PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (\"PharmaDrug\" or the \"Company\"), is announcing that the Ontario Securities Commission has issued a \"failure to file\" cease trade order in respect of the Company's securities under Multilateral Instrument 11-103 Failure-to- File Cease Trade Orders in Multiple Jurisdictions (the \"CTO\"). The CTO was issued as a result of the Company's failure to file its audited financial statements, management's discussion and analysis and related certifications for the fiscal year ended December 31, 2023 (collectively, the \"Required Filings\") before the May 01, 2023 filing deadline.The Company has experienced unforeseen delays finalizing the audit for the Company's Pharmadrug Production GmbH (Pharma GmbH\") subsidiary which was sold on August 2, 2022. The delays were a result of this entity no longer being a subsidiary and therefore Pharmadrug having to rely on a now independent third party, Pharma GmbH's management to receive the necessary information required to complete Pharmadrug's audit. The Company believes that it now has all the necessary information and documentation from Pharma GmbH and anticipates posting the Requited Filings within a week. About PharmaDrug Inc.PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 100% of Sairiyo Therapeutics (\"Sairiyo\"), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease (including Covid-19) and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions.For further information, please contact:Daniel Cohen, Chairman and CEO [email protected](647) 202-1824Caution Regarding Forward-Looking Information:THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILI...