Applied BioSciences Terminates Agreement to Offer Test Kits and Amends March 31, 2020 Press Release
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 revised its websites at https://healthyhandsanitizer.com/ and https://remedipure.com/ 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.
About Applied BioSciences Corp.
Applied BioSciences is 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 across multiple therapeutic areas. We also deliver high-quality consumer and OTC THC-free CBD products that promote overall health and wellbeing as well as state-of-the-art testing and analytics capabilities to our customers. For more information, visit the company’s website.
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Official Website: www.appliedbiocorp.com
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Applied BioSciences Corp. (the “Company”) or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Applied BioSciences Corp.
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Released April 24, 2020