Lattice Biologics Ltd. (TSX-V: LBL) (OTCBB: LBLTF) (“Lattice Biologics” or the “Company”) announces financial results for Q2 2021.
Highlights of Six Months Ended March 31, 2021
Sales and Product Offerings
- Restructured U.S. subsidiary removes $7.2 million of debt and future obligations.
- Canadian parent has remained in compliance with all FDA registrations and international guidelines.
- All existing inventory processed by Lattice Biologics Inc., or under private label, is safe to use until the expiration date and remains in full compliance with all regulatory bodies.
- Lattice maintains all quality responsibilities related to tissue already processed.
2021 Business Update:
“Business conditions have been exceptionally trying this year, and Lattice Biologics is no exception. Unfortunately, we were not able to resolve our debt obligations with our largest secured creditor. Lattice Biologics Inc., the U.S. subsidiary, was forced to restructure amid the multiple demands of the COVID-19 pandemic. Although the Company had no quality issues related to its products, due to excessive debt, we were forced to seek Chapter 7 bankruptcy protection for the subsidiary.
Following a comprehensive strategic review of the Company, we made the exciting decision to enter and focus on the fast growing psychedelic and Cannabis life sciences. With Lattice’s extensive knowledge of processing and purifying advanced biologics, we intend to be a leader in the emerging psychedelic market. We are proud to announce the addition of Ian Kerwin and Shawn Baghali to the Board of Directors. Both Shawn and Ian have extensive knowledge of the cannabis and psychedelic markets. Exiting Biologics allows the management team to reorganize the subsidiary and related debts while not affecting the holding and listed Company and to allow the Company and shareholders to focus on and benefit from future generated medicines and treatments. During this transition period, we remain committed to our Biologics customers, and will continue to support our technologies and services,” said Guy Cook, CEO.
Lattice Biologics maintains its commitment to honoring the gift of donation by maintaining a strong quality program that supports our existing and previous clients throughout the reorganization.
About Lattice Biologics Ltd.:
Lattice Biologics is traded on the TSX-V under the symbol: LBL.
Lattice Biologics develops and manufactures biologic products to domestic and international markets. The Company’s products are used in a variety of surgical applications.
Lattice Biologics maintains its headquarters, in Island Park, ID and maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.