SAN DIEGO, CA, July 11, 2022 (GLOBE NEWSWIRE) — Emerald Health Pharmaceuticals Inc. (EHP or the Company), a clinical-stage biopharmaceutical company developing a new class of medicines to treat diseases with unmet medical needs, announced today that Jim DeMesa, MD, and Lisa Sanford have resigned from their respective roles as CEO and director, and as CFO.
“We thank Jim as a co-founder and chief executive as well as Lisa for their leadership, focused commitment, and execution in building Emerald Health Pharmaceuticals into a clinical-stage biotechnology company,” said Jim Heppell, Chair of the Board.
Emerald Health Pharmaceuticals Inc. (“Company”), Jim DeMesa, and Lisa Sanford recently each received a “Wells Notice” from the staff (“Staff”) of the Securities and Exchange Commission (“Commission”). The Wells Notices stated that the Staff had made preliminary determinations to recommend that the Commission file enforcement actions against the Company, Jim DeMesa and Lisa Sanford, alleging violations of the anti-fraud provisions of the federal securities laws.
The Company is engaged in discussions with the Staff regarding the issues raised in the Wells Notices and has submitted a settlement proposal to the Staff. The Company cannot predict with confidence or certainty the ultimate outcome of the Commission’s process, including whether a settlement with respect to the issues raised in the Wells Notices may be reached with the Staff.
