TORONTO, ONTARIO--(Marketwired - June 28, 2016) -
NOT FOR DISSEMINATION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Hemostemix Inc. ("Hemostemix" or the "Company") (TSX VENTURE:HEM)(OTCQX:HMTXF) announces that Criterium Inc., a global contract research organization ("Criterium"), has notified Hemostemix that it has terminated the master services agreement dated June 7, 2014 relating to clinical research services ("CRO Agreement"). As a result, Hemostemix is placing a temporary hold on enrollment for its phase 2 clinical trials in Canada and South Africa.
With the termination of the CRO Agreement, Criterium will no longer be providing any services for the Hemostemix phase 2 clinical trials, including, any further monitoring visits.
Hemostemix is currently evaluating its options as to how it will continue with the clinical trials and to ensure patient follow up. In the interim, Hemostemix has made the decision to temporarily cease enrolling any new patients into the trial. The Company's Chief Medical Officer, Dr. Hardean Achneck, MD, stated: "Patient safety continues to have top priority at Hemostemix."
In addition, with respect to the previously announced private placement financing, Hemostemix announces the financing is proceeding, however, the structure of the offering may be amended to include a combination of equity and debt. Further details regarding the status of the private placement will be provided in a follow-up news release.
ABOUT HEMOSTEMIX INC.
Hemostemix is a public clinical-stage biotechnology company that develops and commercializes innovative blood-derived cell therapies for medical conditions not adequately addressed by current treatments. It is the first clinical-stage biotech company to test a stem-cell therapy in an international, multicenter, phase 2 clinical trial for patients with critical limb ischemia (CLI), a severe form of peripheral artery disease (PAD) caused by reduced blood flow to the legs. The phase 2 trial targets a participant's diseased tissue with proprietary cells grown from his or her blood that are capable of supporting the formation of new blood vessels. Hemostemix currently enrolls participants in the phase 2 trial at four sites in South Africa and two sites in Canada. The Company recently received FDA clearance to commence clinical trials in the United States.
Hemostemix Inc. is traded on the TSX Venture Exchange under the trading symbol HEM and on the OTCQX® Best Market under the trading symbol HMTXF. For more information, visit hemostemix.com or email email@example.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined under the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or that events or conditions "will," "would," "may," "could," or "should" occur. Although Hemostemix believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of Hemostemix management on the date such statements were made. Hemostemix expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.