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Commenting on the Company’s financial status, CEO
Corporate, R&D, and Intellectual Property
Despite the challenging global markets conditions in 2023,GeneTether continued to seek alternative assets while progressing its R&D of its proprietary GeneTether™ platform in a cost-effective manner:
In
October 2023 , the Company appointedDale Matheson Carr-Labonte LLP as its auditor for the year-endedDecember 31, 2023 . The Company’s decision to change its auditors was based primarily on its desire to have a Canadian-based public audit firm and not on any dispute or disagreement with its prior auditors. Further, the Company provided an update on its strategic plan to identify alternative assets, as well as announced its agreement with the Chief Scientific Officer to acquire 10,421,974 shares from him for no consideration and cancel all his stock options.
In
May 2023 , the Company announced the engagement of Mr.Gad Berdugo , Managing Partner ofExplorium Capital LLC , as an advisor to explore strategic alternatives for its GeneTether™ platform technology.Mr. Berdugo , who served as the former Chief Business Officer of gene editing pioneer, Editas Medicine, Inc., brings more than 25 years of biotech corporate development, business development, strategy, and financial experience.
In
March 2023 , the Company announced the results of a series of experiments conducted by a highly specialized contract research organization (CRO”) that confirmed the efficacy of our GeneTether technology in binding Lacl-Cas9 fusion proteins to template DNA. This validation specifically highlights the high level of template binding efficiency of our GeneTether™ platform. Further, cell-based experiments, conducted internally as well as by third parties, confirmed that a GeneTether LacI-Cas9 fusion protein retains the ability to recognize and cut DNA when compared to unmodified Cas9. These studies were performed using several cell types and gene targets.
In
February 2023 , the Company announced the decision to scale back development of the GeneTether™ platform technology and explore strategic alternatives that will optimize shareholder value. This decision was mainly driven by the current state of the global capital markets, which are experiencing persistent weakness.
Financial Results
The Company’s total assets as at
About GeneTether
GeneTether was founded to develop its proprietary platform technology, which was designed to increase the efficiency of DNA insertion into the genome for gene correction and complementation strategies.As previously announced,the Company has significantly scaled back its development of the GeneTether platform and is currently exploring strategic alternatives that will optimize shareholder value. .
For more information, visit www.genetether.com.
Contacts:
(833) 294-4363 ext. 1
roland@genetether.com
(833) 294-4363 ext. 2
jean@genetether.com
Forward-Looking Disclaimer
This news release contains “forward-looking information” within the meaning of applicable securities laws in
Forward-looking information in this document includes statements concerning the expectation that the Company willcontinue to seek alternative assets and/or strategic alternativesthat can enhanceshareholder returnsand all other statements that are not statements of historical fact.
Although GeneTether believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events;future legislative and regulatory developments; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of GeneTether to implement its business strategies; competition; the ability of GeneTether to obtain and retain all applicable regulatory approvals and other assumptions, risks and uncertainties, including those set forth under the heading “Risk Factors” in the Company’s final prospectus dated
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange nor its Regulation Service has approved nor disapproved the contents of this news release.
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