Applied BioSciences Terminates Agreement to Offer Test Kits and Amends March 31, 2020 Press Release
April 24, 2020 17:18 ET | Source: Applied Biosciences Corp.
Los Angeles, CA, April 24, 2020 (GLOBE NEWSWIRE) -- Applied BioSciences Corp. (the “Company”; OTCQB: APPB), a vertically integrated company focused on the development and commercialization of novel, science-driven, synthetic cannabinoid therapeutics/biopharmaceuticals that target the endocannabinoid system to treat a wide-range of diseases, today announced that it terminated its agreement with its supplier for COVID-19 test kits. The Company has not distributed, and will not be distributing, the test kit.
Additionally, on March 31, 2020, the Company published a press release tilted, “Applied BioSciences Begins Offering Coronavirus Test Kit to the General Public to Combat Spread of COVID-19.” The Company hereby amends such press release to emphasize that while at the time of publication of the March 31, 2020 press release, the US Food and Drug Administration (“FDA”) did not disallow use of the test kit for home use without the administration of the test by a qualified medical professional, subsequent to publication of the March 31, 2020 press release, by April 1, 2020, the FDA notified the supplier of the test kit that home use of the test kit by a qualified medical professional was not allowed.
On April 1, 2020, immediately after the supplier of the test kit notified the Company that the FDA had informed it that the test kit was not allowed for home use, the Company supplemented its March 31, 2020 press release to remove reference to home use. Upon further consideration, on Saturday, April 4, 2020, the Company removed the test kit from its online store, and no test kits were ever distributed or sold to any person. The Company’s supplier has told the Company that the FDA is presently reviewing the test kit for home use.
On April 13, 2020, the US Securities and Exchange Commission published Release No. 88627, under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), announcing a temporary suspension of trading in the Company’s securities. The Company is presently evaluating whether to contact a broker-dealer to ask it whether it would submit a new Form 211 regarding the Company to FINRA to begin the process of updating information under Exchange Act Rule 15c2-11. Rule 15c2-11 requires market makers to review basic issuer information prior to publishing quotations for that issuer's securities. Market makers must have a reasonable basis for believing that the information is accurate and from reliable sources. The Rule describes the kind of information that the broker-dealer must review. The Company has not determined if or when it will contact a broker-dealer.
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