Links
SEC sues CellCyte and its executives
The Securities and Exchange Commission today filed suit against CellCyte Genetics of Bothell and its two top executives, accusing them of "repeatedly misled the investing public" with promotional materials that lifted the company to a $450 million market valuation before its collapse.
CellCyte made statements that it was "on the verge of beginning human clinical trials with a special stem cell compound to repair the heart. Contrary to these claims, CellCyte did not even know how to produce the stem cell compound and had not satisfied any of the FDA requirements to begin human clinical trials," according to the lawsuit, filed Tuesday in federal district court in Seattle.