SALT LAKE CITY--(BUSINESS WIRE)--On March 17, 2020, SignPath Pharma issued a press release stating its intention to pursue a therapeutic treatment for COVID-19 with SignPath’s proprietary patented drug, Lipocurc™.
LipoCurc suppresses inflammatory cytokines which can cause cytokine storm. Cytokine storm is believed by many experts to be a significant cause of the lung and organ damage suffered by some COVID-19 patients. SignPath believes that Lipocurc may be a promising potential therapy for treating the complications of COVID-19. The full text of this March 17 press release can be found here:
Following this press release, the United States Securities and Exchange Commission, on April 15, 2020, issued an order suspending trading in the securities of SignPath. A relevant excerpt from this order is below:
“The Commission temporarily suspended trading in the securities of SGTH due to questions and concerns regarding the accuracy and adequacy of publicly available information concerning SGTH, including a public claim made by SGTH on March 17, 2020, regarding SGTH’s development of a COVID-19 treatment, together with a lack of current financial information in the marketplace.”
The full text of the trading suspension can be found here:
In response to this SEC action, SignPath is issuing this press release to clarify certain information:
SignPath is a privately held, non-reporting company. SignPath’s securities are not publicly traded, nor has there ever been public trading in our securities. SignPath’s securities do not trade on any securities exchange, the OTC Market or any other public listing service or platform. The Company has no intention to go public for at least the next 12 months.
While not a public company, SignPath’s financial statements are audited by PCAOB registered independent auditors. We have an audit committee of independent directors and take other similar measures in line with corporate governance best practices. However, as a privately held, non-reporting company whose securities do not trade publicly, SignPath is under no obligation to report its financial results publicly.
With regards to the March 17 press release relating to SignPath’s efforts to develop Lipocurc as a treatment for COVID-19, SignPath is providing the following clarifications so as to avoid any possibility of confusion:
- As discussed in the March 17 press release, SignPath is currently exploring opportunities for utilizing Lipocurc™ in clinical settings for the treatment of patients afflicted with COVID-19. To be clear, SignPath’s product, Lipocurc, is not approved for the treatment of COVID-19, we do not have approval from the FDA or any other regulatory agency to commence a clinical trial for the treatment of COVID-19, and we are not currently conducting clinical trials for the treatment of COVID-19.
There is abundant evidence that Lipocurc suppresses inflammatory cytokines. Furthermore, we have successfully completed Phase 1 safety trials administering Lipocurc to healthy volunteers and cancer patients at the Medical University of Vienna, Austria. Published results from these clinical studies can be found here:
- However, until it is actually administered to COVID-19 patients, we cannot know, nor can there be any assurance, that Lipocurc will be found to be safe and effective by the FDA or any other regulatory agency in treating the cytokine storm symptoms associated with COVID-19.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.