NovelStem Files Preliminary Financial Statements in Compliance with SEC Rule 15c2-11, Enabling its Common Stock to Advance to the OTC Pink Limited Information Tier
BOCA RATON, Fla. and JERUSALEM, Sept. 28, 2021 (GLOBE NEWSWIRE) -- NovelStem International Corp. (OTC Pink: NSTM), a biotechnology company focused on the stem cell-based technology platform developed by 30%-owned, Israel-based NewStem, Ltd., announced it has filed preliminary unaudited financial statements and disclosures with OTC Markets Group in order to comply with new regulations and to ensure its common stock is able to trade on the OTC Pink market. As a result of the filing, NSTM shares have been moved up to the OTC PINK Limited Information tier (from the PINK No Information tier), enabling the shares to continue to be quoted and tradeable by the public through traditional broker-dealers, pursuant to SEC Rule 15c2-11, which went into effect today.
NovelStem Chairman, Jan Loeb, commented, “This is an important interim step as we progress to become a full SEC reporting company. Implementation of the new SEC mandated financial disclosure requirements would have restricted investors trading in our commons stock.
“This milestone follows the recent announcement that NewStem was selected for the Global Illumina Accelerator program, which we feel is significant validation of the technology by a prominent industry leader and partner. Accordingly, we wanted to ensure that trading in our common stock remained accessible to the public as the technology develops commercially and we continue to advance our company.”
About NovelStem International Corp. www.novelstem.com NovelStem owns an approximate 30% stake in NewStem Ltd. which is advancing its novel stem-cell-based diagnostic technology for predicting patients’ resistance to cancer therapies, allowing for better, targeted cancer treatments with the potential to reduce incidents of drug resistance. The technology is also being used for genetic research related to other medical therapies. Based on a share purchase agreement from 2018, NovelStem has invested $4M in NewStem and also owns a 50% stake in Netco Partners.
About NewStem Ltd. NewStem Ltd. is advancing novel stem-cell-based technology utilized for the development of new therapeutics and diagnostics. The most advanced product of NewStem is a diagnostic predicting patients’ resistance to cancer therapy, allowing for better, targeted personal-oncology treatments with the potential to reduce incidents of anti-cancer drug resistance. NewStem is a spinoff of Yissum, The Hebrew University of Jerusalem’s technology-transfer company. NewStem’s solutions are based on the research of human haploid pluripotent stem cells (hHPSCs) by Professor Nissim Benvenisty, Director of the Azrieli Center for Stem Cells and Genetic Research at the Hebrew University. NewStem holds the intellectual property, reagents and experience required for hHPSC isolation, differentiation, genetic manipulation, immunogenicity and tumorigenicity.
Forward-Looking Statements Statements in this press release and its hyperlinks may be “forward-looking statements” within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current board and management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the success of NewStem’s research and future commercialization of its diagnostics utilizing human haploid pluripotent stem cells, competition in the area of genetic diagnostics, the ability to retain key personnel involved in research and development, the ability to secure appropriate regulatory approvals, and the ability to fund future investment in NewStem. Such forward-looking statements speak only as of the date on which they are made.
NovelStem Investor Relations Bill Jones or David Collins Catalyst IR (212) 924-9800 NSTM@catalyst-ir.com