PITTSBURGH & BERLIN--(BUSINESS WIRE)--RenovaCare, Inc. (“RenovaCare” or the “Company”) (RCAR), developer of a breakthrough technology for spraying a patient’s own skin cells onto burns and wounds, announces that it has received video evidence showing what appears to be predatory trading practices of several FINRA member firms in its stock.
RenovaCare has informed investigatory agents of FINRA about these extensive and, in the Company’s opinion, potentially illegal, on-going predatory trading practices, engaged in by certain FINRA member firms, as more fully shown in the video. These firms may be covertly collaborating with the short seller syndicate targeting the Company.
The Company is proceeding with the filing of a formal complaint regarding these “bear raid” trading practices with both FINRA and the SEC and will explore all potential private legal remedies available to it.
These FINRA member firms, some very well-known, we believe, and as clearly evidenced on multiple video recordings, have exacerbated the adverse impact of recent “short and distort” activities.
As reported to stockholders on February 12, 2018, a known “short and distort” syndicate has engaged in an ongoing smear campaign of disseminating grossly misleading, inaccurate and distorted facts and misinformation, including false allegations of insider selling.
RenovaCare confirms that none of its officers and directors have ever sold any Company shares; and, its majority stockholder, Kalen Capital Corporation, has not sold any Company shares since 2008. In fact, Kalen Capital Corporation has been a major supporter, having invested, since 2008, an additional $5.7 million.
These short sellers spread false rumors and innuendos of impropriety with business affiliates, partners and collaborators to disparage the good reputation of RenovaCare and thereby enhancing their profit at the expense of Company stockholders. Often, this is accomplished by the “short and distort” syndicate enlisting members of the media and others, who may unwittingly write stories based on the grossly misleading and inaccurate statements of fact.
RenovaCare strongly believes that it has an obligation to protect its stockholders from adverse financial and reputational harm caused by these unfounded and potentially illegal activities. Such actions undermine the integrity of the Company, its management and its majority stockholder, Kalen Capital Corporation.
Left unaddressed, such activities could impede ongoing efforts to commercialize a technology that has been validated by numerous peer-reviewed scientific papers and covered in many highly regarded publications, including Bloomberg, Forbes, CNN, Newsweek and has successfully treated over 70 severe burn patients. Of course, none of this is mentioned, intentionally so, in the current “short and distort” campaign.
*RenovaCare products are currently in development. They are not available for sale in the United States. There is no assurance that the company’s planned or filed submissions to the U.S. Food and Drug Administration, if any, will be accepted or cleared by the FDA.
About RenovaCare
RenovaCare, Inc. is developing first-of-their-kind autologous (self-donated) stem cell therapies for the regeneration of human organs, and novel medical grade liquid sprayer devices. Its initial product under development targets the body’s largest organ, the skin. The company’s flagship technology, the CellMist™ System, uses its patented SkinGun™ to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – onto wounds. RenovaCare is developing its CellMist™ System as a promising new alternative for patients suffering from burns, chronic and acute wounds, and scars. In the US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
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Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although RenovaCare, Inc. (the “Company”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: the timing and success of clinical and preclinical studies of product candidates, the potential timing and success of the Company’s product programs through their individual product development and regulatory approval processes, adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, obsolescence of the Company’s technologies, technical problems with the Company’s research, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company’s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company’s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, and other risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that the Company will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
