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Vancouver, British Columbia (TheNewswire) – March 28,2024 – GeneTether Therapeutics Inc.(together with its wholly-owned subsidiary GeneTether, Inc.,“ GeneTether ” or the “ Company ”) (CSE: GTTX)announced today the filing of its audited financial statements for thefiscal year ending December 31, 2023, and reported on corporatehighlights from 2023. All dollar amounts are presented in the UnitedStates dollar, unless otherwise noted. Complete financial statementsalong with the related Management’s Discussion and Analysis can befound under the Company’s profile on the SEDAR+ website at www.sedarplus.ca . SEDAR+ isthe electronic filing system for disclosure documents of issuersacross Canada.
Commenting on theCompany’s financial status, CEO Roland Boivin said, “Due to our financial prudence during 2023, we maintain$1,364,000 in cash reserves, as of December 31, 2023, which allows usto maintain flexibility regarding our potential next steps in theadvancement of the Company.”
Corporate, R&D, and IntellectualProperty
Despite the challenging global markets conditions in2023, GeneTether continued to seek alternativeassets while progressing its R&D of its proprietary GeneTether™platform in a cost-effective manner:
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In October 2023, the Company appointed Dale MathesonCarr-Labonte LLP as its auditor for the year-ended December 31, 2023.The Company’s decision to change its auditors was based primarily onits desire to have a Canadian-based public audit firm and not on anydispute or disagreement with its prior auditors. Further, the Companyprovided an update on its strategic plan to identify alternativeassets, as well as announced its agreement with the Chief ScientificOfficer to acquire 10,421,974 shares from him for no consideration andcancel all his stock options.
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In May 2023, the Company announced the engagement ofMr. Gad Berdugo, Managing Partner of Explorium Capital LLC, as anadvisor to explore strategic alternatives for its GeneTether™platform technology. Mr. Berdugo, who served as the former ChiefBusiness Officer of gene editing pioneer, Editas Medicine, Inc.,brings more than 25 years of biotech corporate development, businessdevelopment, strategy, and financial experience.
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In March 2023, the Company announced the results of aseries of experiments conducted by a highly specialized contractresearch organization ( CRO ”) that confirmed the efficacy of ourGeneTether technology in binding Lacl-Cas9 fusion proteins to templateDNA. This validation specifically highlights the high level oftemplate binding efficiency of our GeneTether™ platform. Further,cell-based experiments, conducted internally as well as by thirdparties, confirmed that a GeneTether LacI-Cas9 fusion protein retainsthe ability to recognize and cut DNA when compared to unmodified Cas9.These studies were performed using several cell types and genetargets.
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In February 2023, the Company announced the decision toscale back development of the GeneTether™ platform technology andexplore strategic alternatives that will optimize shareholder value.This decision was mainly driven by the current state of the globalcapital markets, which are experiencing persistent weakness.
Financial Results
The Company’s total assets as at December 31, 2023, wereapproximately $1,411,000, including approximately $1,364,000 in cash.Net and comprehensive loss for the year ended December 31, 2023, wereapproximately $688,000 and $662,000, respectively.
About GeneTether
GeneTether was founded to develop its proprietaryplatform technology, which was designed to increase the efficiency ofDNA insertion into the genome for gene correction and complementationstrategies. As previously announced, the Company has significantly scaled back itsdevelopment of the GeneTether platform and is currently exploringstrategic alternatives that will optimize shareholder value. .
For more information, visit www.genetether.com .
Contacts :
Roland Boivin, CEO
(833) 294-4363 ext. 1
roland@genetether.com
Jean Jen, CFO and Corporate Secretary
(833) 294-4363 ext. 2
jean@genetether.com
Forward-Looking Disclaimer
This news release contains “forward-lookinginformation” within the meaning of applicable securities laws inCanada. Forward-looking information may relate to our future outlookand anticipated events or results and may include informationregarding our financial position, business strategy, growthstrategies, budgets, operations, financial results, taxes, dividendpolicy, plans and objectives. Particularly, information regarding ourexpectations of future results, performance, achievements, prospectsor opportunities or the markets in which we operate is forward-lookinginformation. In some cases, forward-looking information can beidentified by the use of forward-looking terminology such as“plans”, “targets”, “expects”, “outlook”,“prospects”, “strategy”, “intends”, “believes”, orvariations (including negative and grammatical variations) of suchwords and phrases or state that certain actions, events or results“may”, “could”, “would”, “might”, “will”,“occur” or “be achieved”. In addition, any statements thatrefer to expectations, intentions, projections or othercharacterizations of future events or circumstances containforward-looking information. Statements containing forward-lookinginformation are not historical facts but instead representmanagement’s expectations, estimates and projections regardingfuture events or circumstances .
Forward-looking information in this document includesstatements concerning the expectation that the Company will continue to seek alternative assets and/orstrategic alternatives that canenhance shareholder returns and all other statements that are not statements ofhistorical fact.
Although GeneTether believes the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by their natureforward-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 materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements. By theirnature, these statements involve a variety of assumptions, known andunknown risks and uncertainties and other factors, which may causeactual results, levels of activity and achievements to differmaterially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; adverse industry events; future legislative and regulatory developments;the Company’s ability to access sufficient capital from internal andexternal sources, and/or inability to access sufficient capital onfavorable terms; the ability of GeneTether to implement its businessstrategies; competition; the ability of GeneTether to obtain andretain 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 March 21,2022.
THE FORWARD-LOOKING INFORMATIONCONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THECOMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, ISSUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUEIMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPONTHIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO,IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULARTIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The CanadianSecurities Exchange nor its Regulation Service has approved nordisapproved the contents of this news release.
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