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Tetra Bio-Pharma Announces Cease Trade Order

Tetra Bio-Pharma Inc.

MONTREAL, QUEBEC – TheNewswire – March 7, 2023 -- Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (TSX:TBP) (OTC:TBPMF) (FRA:JAM1), a leader in cannabinoid-derived drug discovery and development announces that further to its press release dated March 1, 2023, the Ontario Securities Commission (OSC) notified the Company that the Company’s application for a management cease trade order (MCTO) has been denied. The OSC has issued a failure-to-file cease trade order (FFCTO) against the Company which orders that general trading, whether direct or indirect, by any person, of the securities of the Company cease, which includes trading of the shares of the Company on the Canadian Securities Exchange. The FFCTO has been issued against the Company for failure to file its audited annual financial statements for the year ended November 30, 2022, and accompanying management’s discussion and analysis (MD&A) on or before February 28, 2023.

In the March 1 news release, the Company announced it was now working with McGovern Hurley LLP. The Company would like to clarify that its management and board of directors are working expeditiously to finalize an agreement with McGovern Hurley LLP to ensure the completion of the audit and filing of the Audited Financial Statements before the end of April 2023. The Company will provide an update once the audit has begun and a target date for filing is determined.

The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release. The Company expects the FFCTO to remain in place until such time as the Annual Financial Statements have been filed and the FFCTO is revoked.  

About Tetra Bio-Pharma Inc.

Tetra Bio-Pharma (TSX: TBP) (OTC-PINK: TBPMF) (FRA:JAM1) is a leader in cannabinoid-derived drug discovery and development with a FDA and a Health Canada cleared clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. Tetra's evidence-based scientific approach has enabled them to develop a pipeline of cannabinoid-based drug products for a range of medical conditions, including pain, inflammation, and oncology. With patients at the core of what they do, Tetra is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians, and insurance companies.

Connect with Tetra: Email | Website | LinkedIn | Twitter | Instagram

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this news release include, among other things, statements about: the anticipated filing of the audited annual financial statements and the approval of the management cease trade order by the Ontario Securities Commission. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan, competition, regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the success of this product or any other product, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions, the risk that the anticipated benefits from the receipt of funds from the Investor will not be realized as contemplated, or at all, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

For further information, please contact Tetra Bio-Pharma Inc.:

Ms. Natalie Leroux
Phone: + 1 (833) 977-7575

 SOURCE Tetra Bio-Pharma Inc.