"NanoLogix Incorporated
Narrative of Some Issues Faced By NanoLogix Since May Announcement of Rapid COVID19 test
Issues are Resolved and NanoLogix Is Proceeding with Technology Development and Awaiting the Allowed Patent Issuance
Appreciation to Congressman Tim Ryan for his Interest and Assistance in Resolution
NanoLogix is presenting this narrative to illustrate the unusual and unanticipated challenges that were presented to the Company beginning immediately after our announcement of the invention and the initial results for a rapid viral detection test technology applicable to COVID-19 and other viruses.
Within a few days of our May 3rd announcement covering this news, we were reported by an unknown party or parties to FINRA, the FDA, and the SEC.
During the course of these events, and until their resolution, we did not believe we could approach investors for funding necessary for the further development of the technology. Nor could we seek development partners until this "Matter" was resolved. NanoLogix was delayed and blocked for approximately five months until the resolution of the "Matter" with no action recommended.
For the full narrative, please follow this link:
https://nanologix.com/narrative-of-some-issue...-resolved/
This press release or update contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results."
The link:
"Narrative of Some Issues Faced by NanoLogix Since May Announcement of Rapid COVID19 test, and since resolved
by NanoLogix | Oct 28, 2020
NanoLogix Is Proceeding with Technology Development and Awaiting the Allowed Patent Issuance
Appreciation to Congressman Tim Ryan for his Interest and Assistance in Resolution
NanoLogix is presenting this narrative to illustrate the unusual and unanticipated challenges that were presented to the Company beginning immediately after our announcement of the invention and the initial results for a rapid viral detection test technology applicable to COVID-19 and other viruses.
Within a few days of our May 3rd announcement covering this news, we were reported by an unknown party or parties to FINRA, the FDA, and the SEC.
During the course of these events, and until their resolution, we did not believe we could approach investors for funding necessary for the further development of the technology. Nor could we seek development partners until this “Matter” was resolved. NanoLogix was delayed and blocked for approximately five months until the resolution of the “Matter” with no action recommended.
The US FDA (Food and Drug Administration) conducted a simple fifteen-minute interview inquiring as to the status of our technology, if it was currently being offered to the Public, and ended with the statement that we needed to seek FDA Emergency Use Authorization (EUA) prior to doing so. We stated understanding of those requirements and that we would always comply with FDA rules and regulations.
FINRA (Financial Industry Regulatory Authority), contacted us a few days after our update, without stating either generally or specifically the reasons for their query and conducted a phone interview with the NanoLogix CEO, demanding all Company updates with their justifications released since September 2019. Those updates and the supporting justifications (emails, messages, contracts, etc.) were supplied immediately. Nothing further was requested and we considered that matter closed.
As a footnote, in 2014, when NanoLogix released news of their N-Assay Rapid Detection Technology being able to detect two marker proteins for the Ebola Virus, some anonymous person(s) reported the Company to FINRA, resulting in a long phone interview and NanoLogix providing supporting documentation for their test results including peer-reviewed medical journal publications demonstrating the validity of the N-Assay. At that time, the FINRA investigator revealed the reason for their investigation as originating in their whistle-blower complaint system. Over a period of one year from the initial interview, NanoLogix repeatedly contacted FINRA requesting information on resolution of the matter and received the same answer of “It is our policy to not reveal any information on results.”
Finally, we, as both a company and its affiliated Directors and Science Officer, received Subpoenas from the US SEC (Security and Exchange Commission) for what was only described as a Non-Public Civil Matter inquiry/investigation with no subject, demanding twenty-plus categories of information broadly covering not only specifics of our technology development, the justification for all news related to the rapid viral detection technology and updates/press releases predating that technology, financials, contracts, conversations with potential partners, projections, a list of all shareholders and their complete contact information, records of issuance of stock going to 1989 and the terms for each issuance, any stock trading done by directors (there was none), and other items.
We provided all information requested to the best of our ability and the matter continued with absolutely no accusations from the SEC, just a series of telephone interviews and email requests for clarification of various items.
The immediate results of the SEC inquiry were the resignation of one Director and our Science Officer from his newly created position, likely with the thought that the hassle from the SEC was not worth the effort to stay.
Information received from the SEC in their initial demands appears to indicate the origin of this matter was in a “whistle-blower” who began posting on a specific stock bulletin board shortly after our May news update on the Rapid Viral Test. We do not know whether the motivation is due to someone who works for our potential competition, is a disgruntled former employee or affiliate, is possibly just a stock manipulator, or has hatred or a grudge against either NanoLogix or its Management. Regardless, whoever initiated this effort is apparently dedicated to damaging NanoLogix and your investment.
In late August, the NanoLogix CEO had a 30-minute conversation with Congressman Timothy Ryan of Ohio and explained how NanoLogix had been essentially blocked in their development of this essential technology for rapid COVID19 detection. In early September, Representative Ryan made an inquiry to the SEC Senior Counsel regarding our “Matter”. He received a standard reply stating the SEC policy is to neither confirm nor deny the existence of any “Matter”. Irrespective of that reply, we believe the inquiry elevated the attention to the “Matter” on the part of the SEC.
After a NanoLogix email requesting information an update on the status on the afternoon of October 7th, on the morning of October 8th, NanoLogix received an email from a senior SEC officer in Chicago informing the Company that the “Matter” had been closed with no action to be taken on the part of the SEC.
Coincidentally, 30 minutes after receiving the SEC email, NanoLogix received a call informing the CEO the Rapid Viral Test patent application had been allowed for issuance and grant.
No part of this update should be taken to indicate that FINRA, the FDA, and the SEC were doing anything other than conforming to either their corporate or Agency guidelines, mandates, and missions."
Narrative of Some Issues Faced By NanoLogix Since May Announcement of Rapid COVID19 test
Issues are Resolved and NanoLogix Is Proceeding with Technology Development and Awaiting the Allowed Patent Issuance
Appreciation to Congressman Tim Ryan for his Interest and Assistance in Resolution
NanoLogix is presenting this narrative to illustrate the unusual and unanticipated challenges that were presented to the Company beginning immediately after our announcement of the invention and the initial results for a rapid viral detection test technology applicable to COVID-19 and other viruses.
Within a few days of our May 3rd announcement covering this news, we were reported by an unknown party or parties to FINRA, the FDA, and the SEC.
During the course of these events, and until their resolution, we did not believe we could approach investors for funding necessary for the further development of the technology. Nor could we seek development partners until this "Matter" was resolved. NanoLogix was delayed and blocked for approximately five months until the resolution of the "Matter" with no action recommended.
For the full narrative, please follow this link:
https://nanologix.com/narrative-of-some-issue...-resolved/
This press release or update contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results."
The link:
"Narrative of Some Issues Faced by NanoLogix Since May Announcement of Rapid COVID19 test, and since resolved
by NanoLogix | Oct 28, 2020
NanoLogix Is Proceeding with Technology Development and Awaiting the Allowed Patent Issuance
Appreciation to Congressman Tim Ryan for his Interest and Assistance in Resolution
NanoLogix is presenting this narrative to illustrate the unusual and unanticipated challenges that were presented to the Company beginning immediately after our announcement of the invention and the initial results for a rapid viral detection test technology applicable to COVID-19 and other viruses.
Within a few days of our May 3rd announcement covering this news, we were reported by an unknown party or parties to FINRA, the FDA, and the SEC.
During the course of these events, and until their resolution, we did not believe we could approach investors for funding necessary for the further development of the technology. Nor could we seek development partners until this “Matter” was resolved. NanoLogix was delayed and blocked for approximately five months until the resolution of the “Matter” with no action recommended.
The US FDA (Food and Drug Administration) conducted a simple fifteen-minute interview inquiring as to the status of our technology, if it was currently being offered to the Public, and ended with the statement that we needed to seek FDA Emergency Use Authorization (EUA) prior to doing so. We stated understanding of those requirements and that we would always comply with FDA rules and regulations.
FINRA (Financial Industry Regulatory Authority), contacted us a few days after our update, without stating either generally or specifically the reasons for their query and conducted a phone interview with the NanoLogix CEO, demanding all Company updates with their justifications released since September 2019. Those updates and the supporting justifications (emails, messages, contracts, etc.) were supplied immediately. Nothing further was requested and we considered that matter closed.
As a footnote, in 2014, when NanoLogix released news of their N-Assay Rapid Detection Technology being able to detect two marker proteins for the Ebola Virus, some anonymous person(s) reported the Company to FINRA, resulting in a long phone interview and NanoLogix providing supporting documentation for their test results including peer-reviewed medical journal publications demonstrating the validity of the N-Assay. At that time, the FINRA investigator revealed the reason for their investigation as originating in their whistle-blower complaint system. Over a period of one year from the initial interview, NanoLogix repeatedly contacted FINRA requesting information on resolution of the matter and received the same answer of “It is our policy to not reveal any information on results.”
Finally, we, as both a company and its affiliated Directors and Science Officer, received Subpoenas from the US SEC (Security and Exchange Commission) for what was only described as a Non-Public Civil Matter inquiry/investigation with no subject, demanding twenty-plus categories of information broadly covering not only specifics of our technology development, the justification for all news related to the rapid viral detection technology and updates/press releases predating that technology, financials, contracts, conversations with potential partners, projections, a list of all shareholders and their complete contact information, records of issuance of stock going to 1989 and the terms for each issuance, any stock trading done by directors (there was none), and other items.
We provided all information requested to the best of our ability and the matter continued with absolutely no accusations from the SEC, just a series of telephone interviews and email requests for clarification of various items.
The immediate results of the SEC inquiry were the resignation of one Director and our Science Officer from his newly created position, likely with the thought that the hassle from the SEC was not worth the effort to stay.
Information received from the SEC in their initial demands appears to indicate the origin of this matter was in a “whistle-blower” who began posting on a specific stock bulletin board shortly after our May news update on the Rapid Viral Test. We do not know whether the motivation is due to someone who works for our potential competition, is a disgruntled former employee or affiliate, is possibly just a stock manipulator, or has hatred or a grudge against either NanoLogix or its Management. Regardless, whoever initiated this effort is apparently dedicated to damaging NanoLogix and your investment.
In late August, the NanoLogix CEO had a 30-minute conversation with Congressman Timothy Ryan of Ohio and explained how NanoLogix had been essentially blocked in their development of this essential technology for rapid COVID19 detection. In early September, Representative Ryan made an inquiry to the SEC Senior Counsel regarding our “Matter”. He received a standard reply stating the SEC policy is to neither confirm nor deny the existence of any “Matter”. Irrespective of that reply, we believe the inquiry elevated the attention to the “Matter” on the part of the SEC.
After a NanoLogix email requesting information an update on the status on the afternoon of October 7th, on the morning of October 8th, NanoLogix received an email from a senior SEC officer in Chicago informing the Company that the “Matter” had been closed with no action to be taken on the part of the SEC.
Coincidentally, 30 minutes after receiving the SEC email, NanoLogix received a call informing the CEO the Rapid Viral Test patent application had been allowed for issuance and grant.
No part of this update should be taken to indicate that FINRA, the FDA, and the SEC were doing anything other than conforming to either their corporate or Agency guidelines, mandates, and missions."
2
