TSXV:CVM.H - Post by User
Post by
Looneytuneson Sep 30, 2019 7:15am
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Post# 30176722
among other things?
among other things?Seems like we aren't being given the whole truth even in the statement: what are the 'amongst other things'
What else is causing the constraints on capital?
What else caused the CTO to be issued, - if it wasn't only the delayed financial statement then maybe it's the "amongst other things" that are preventing it from being released now?
If CVR expects trading to resume then why wasn't it possible to estimate a date?
I'm afraid that this statement raises more questions than it answers
DENVER, NC / September 26, 2019 / CVR Medical Corp. (CVM.V) (TSXV: CVM) (OTCQB: CRRVF) ("CVR Medical") a Canadian listed and US based healthcare company in the medical device sector has announced that it has directed a key supplier, CVR Global, to withdraw the January 2019 De Novo submission (the "Submission") for the Carotid Stenotic Scan device (the "CSS") from the US Food and Drug Administration (the "FDA"). Management of CVR Medical directed CVR Global to withdraw the Submission due to capital constraints arising from, among other things, a cease trade order (the "CTO") issued by the British Columbia Securities Commission (the "BCSC"). The CTO was issued due to, among other things, the delayed submission of CVR Medical's fiscal year 2018 financial audit (the "Audit"). CVR Medical has submitted the Audit and is currently working with the BCSC to revoke the CTO as soon as possible. CVR Medical expects trading to resume, which will provide liquidity and allow CVR Medical to accelerate its efforts to submit a new De Novo submission to the FDA. CVR continues to collect clinical data and will ramp collection as capital allows, with the intention to re-submit Q1 2020.