News and update COMTEX - Updated 10 hours ago
Newsfile Corp
Calgary, Alberta--(Newsfile Corp. - July 6, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) ??(FSE: 2VFO) ("Hemostemix" or the "Company") is pleased to provide an update on the Phase II Clinical Trial, an update of a decision including a cost award from the Ninth Judicial Circuit Court of Orange County, Florida, and the Annual General Meeting ("AGM") results.
Hemostemix is continuing to complete the groundwork necessary to derive its Phase II Clinical Trial analyses. The process to rescue the trial has taken longer and with increased costs, due largely to Aspire's intransigence of not returning Hemostemix's Intellectual Property including, but not limited to, the Phase II Clinical Trial data and related batch information. Aspire's continuous breach of the terms of the February 2018 License Agreement has forced Hemostemix to seek the data from the clinical trial sites and complete the work of source document verification and data base clean-up, which is work that should have been completed by Aspire during its management of the clinical trial. As noted, Hemostemix is pleased to report that the source document verification process and data base clean-up is proceeding. Currently, 39% of source documents are verified. Hemostemix will continue to complete the groundwork necessary to close out the trial and it will keep shareholders informed of its progress.
On June 28, 2021, the Ninth Judicial Circuit Court of Orange County, Florida, denied Aspire's motion to compel production of documents from Hemostemix. The Court sustained Hemostemix objections as to relevancy and scope of the categories of documents Aspire sought, and the Court awarded Hemostemix its fees and costs incurred in defending against Aspire's motion. Hemostemix is preparing a fee petition that quantifies the fees and costs incurred for the Court's consideration.
The following are the summarized results of the motions voted upon at the AGM held on May 31, 2021:
- Financial Statements - it was unanimously decided that the audited consolidated financial statements of the Company for the years ended December 31, 2019, and December 31, 2020, the auditor's report thereon, and the related management's discussion and analysis as presented, were accepted and included as part of the formal record of the AGM.
- Size of the Board of Directors - four members - the motion was duly carried by 99% of shareholders recorded in attendance.
- Election of each Director - Dr. Ronnie Hershman (72%), Mr. Swanberg (73%), Mr. Smeenk (72%) and Mr. Lacey (99%) were independently elected by shareholders recorded in attendance.
- Appointment of Auditors - MNP Canada LLP, Chartered Accountants - the motion was duly carried by 99% of shareholders recorded in attendance.
- Approval of Stock Plan - the motion was duly carried by 99% of shareholders recorded in attendance.
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