TBP:CC - Tetra Bio-Pharma Voluntary Bankruptcy
(TheNewswire)
Montreal – TheNewswire - August 1, 2023 – Tetra Bio-Pharma Inc. (“ Tetra ” or the “ Company ”) ( TSX:TBP ) ( OTC:TBPMF ) (FRA:JAM1) a leader incannabinoid-derived drug discovery and development announced that ithas made a voluntary assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) . HOULE ROYS.A. (the “ Trustee ”) has been appointed as Tetra’s trustee inbankruptcy.
On March 7, 2023, the corporation announced that the OntarioSecurities Commission rejected an application for a Management CeaseTrade Order (MCTO). The rejected MCTO prevented the corporation fromnegotiating any securities to continue to finance the corporation andblocked Tetra from paying debt with shares. Based on these events thecorporation had no other choice but to make a voluntary assignmentinto bankruptcy.
About Tetra Bio-Pharma
Tetra Bio-Pharma ( TSX: TBP ) ( OTC: TBPMF ) ( FRA:JAM1 ) is a leader in cannabinoid-derived drugdiscovery and development with a FDA and a Health Canada clearedclinical program aimed at bringing novel prescription drugs andtreatments to patients and their healthcare providers. Theirevidence-based scientific approach has enabled them to develop apipeline of cannabinoid-based drug products for a range of medicalconditions, including pain, inflammation, and oncology. With patientsat the core of what they do, Tetra Bio-Pharma is focused on providingrigorous scientific validation and safety data required for inclusioninto the existing biopharma industry by regulators, physicians andinsurance companies.
Neither the TSX Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Forward-looking statements
Some statements in this release may contain forward-lookinginformation. All statements, other than of historical fact, thataddress activities, events or developments that the Company believes,expects or anticipates will or may occur in the future (including,without limitation, statements regarding potential acquisitions andfinancings) are forward-looking statements. Forward-looking statementsare generally identifiable by use of the words "may","will", "should", "continue","expect", "anticipate", "estimate","believe", "intend", "plan" or"project" or the negative of these words or other variationson these words or comparable terminology. Forward-looking statementsare subject to a number of risks and uncertainties, many of which arebeyond the Company's ability to control or predict, that may cause theactual results of the Company to differ materially from thosediscussed in the forward-looking statements. Factors that could causeactual results or events to differ materially from currentexpectations include, among other things, without limitation, theinability of the Company to obtain sufficient financing to execute theCompany's business plan; competition; regulation and anticipated andunanticipated costs and delays, the success of the Company's researchand development strategies, including the success of this product orany other product, the applicability of the discoveries made therein,the successful and timely completion and uncertainties related to theregulatory process, the timing of clinical trials, the timing andoutcomes of regulatory or intellectual property decisions and otherrisks disclosed in the Company's public disclosure record on file withthe relevant securities regulatory authorities. Although the Companyhas attempted to identify important factors that could cause actualresults or events to differ materially from those described inforward-looking statements, there may be other factors that causeresults or events not to be as anticipated, estimated or intended.Readers should not place undue reliance on forward-looking statements.The forward-looking statements included in this news release are madeas of the date of this news release and the Company does not undertakean obligation to publicly update such forward-looking statements toreflect new information, subsequent events or otherwise unlessrequired by applicable securities legislation.
Source: TetraBio-Pharma
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