NewsClaritas Announces Issuance of Failure-to-file Cease Trade
Order by BCSC
SAN FRANCISCO, CA -- (July 21, 2022) – Claritas Pharmaceuticals, Inc. (TSX
VENTURE EXCHANGE: CLAS and OTC: CLAZF) (the "Company" or "Claritas")
today announced that the British Columbia Securities Commission (the “BCSC”) has
issued a Failure-to-File Cease Trade Order against the Company (the "FFCTO") on July
19, 2022 due to the Company's failure to file by the prescribed filing deadlines its annual
financial statements for the year ending December 31, 2021, the Company’s interim
financial report for the period ended March 31, 2022, the management's discussion and
analysis for the periods ended December 31, 2021 and March 31, 2022, and certifications
of the annual and interim filings for the periods ended December 31, 2021 and March 31,
2022. Until revoked, the FFCTO prohibits the trading of the Company’s securities except
in very limited circumstances. Copy of the FFCTO is included at the end of this press
release. As a result of the issuance of the FFCTO, the TSXV has suspended trading of the
Company’s securities.
Claritas has not completed the required filings due to its inability to pay fees due to its audit
firm as well as third-party service providers that Claritas has retained to provide certain
financial valuations required for completion of the audit. The Company’s lack of financial
resources has also impacted the Company’s research and development activities.
Specifically, the Company has not been able to pay fees due to the third-party service
provider, the Salzman Group, that the Company retained to provide certain research and
development activities, including manufacture of drug substance and overall management
of the Company’s Phase 1 clinical study of R-107. Consequently, the Salzman Group has
stopped work on the Phase 1 clinical study, and the Company has placed the Phase 1
clinical study of R-107 on hold. The Company will not be able to make the required filings,
nor will it be able to re-start the Phase 1 clinical study of R-107, until it either raises
additional capital or sublicenses to a third-party pharmaceutical company its rights to
develop R-107 for the treatment of pulmonary arterial hypertension (“PAH”). The
Company is in discussions with pharmaceutical companies regarding the sublicense of its
rights to develop R-107 for the treatment of PAH. If the Company is successful in
sublicensing its rights to develop R-107 for the treatment of PAH, the Company expects
that it will receive a license fee from which the Company will pay fees due to its audit firm
as well as third-party service providers that Claritas has retained to provide certain financial
valuations required for completion of the audit. Thereafter, the Company will make the
required filings and apply to the BCSC and any other applicable regulator to have the FFCTO fully revoked, and apply to the TSXV to have the Company’s securities resume trading.
Contact Information
Robert Farrell
President, CEO
(888) 861-2008
info@claritaspharma.com