Local biotechnology firm PharmaGap (TSX-V:GAP) said Wednesday it will not contest a cease trade order handed down by the Ontario Securities Commission after the troubled firm failed to file audited financial statements with regulators.
In a statement, PharmaGap - which developed cancer-fighting drugs - said it lacked the financial resources to complete the statements.
Earlier this year, the firm ceased operations after a financing deal to licence its technology fell through. The funds were to be used by another company, Clinical Value Corp., to implement the licensing transaction with PharmaGap.
CVC is owned by well-known Ottawa entrepreneur Rod Bryden, who is also an investor in PharmaGap.