Callitas Health Inc (CSE: LILY, OTCQB: MPHMF) is working with Canadian regulators to lift a cease-trading order after missing a recent filing deadline.
The clinical-stage pharmaceutical company delayed filing its second-quarter financial statements with the British Columbia Securities Commission amid a series of family issues, including the recent passing of former CEO Gary Thompson.
Callitas Health, as a result, received a cease-trade order from the Commission.
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"The Callitas management team has every intention of meeting this filing obligation," said CEO James Thompson in a company press release. "The management team has been finalizing our corporate reporting documents and expect to fulfill the Commission's requirements.”
Callitas has until September 30 to submit the necessary documents in order for the halt to be lifted.
The company develops over-the-counter consumer goods, including female sexual health and wellness products and cannabis delivery technologies.
Shares of Callitas fell nearly 22% to US$0.10 by Monday’s close.