SEC Suspends Trading in GenoMed, Inc. Shares; Company's Response
3/5/2010 12:57:48 PM
March 4, 2010—GenoMed® (OTC Pink Sheets GMED.PK), the Public Health Company™, announced today that the Securities and Exchange Commission suspended trading in its shares today because the company is delinquent in its SEC filings.
Dr. David Moskowitz, GenoMed's CEO, said, "We are committed to trading on the Pink Sheets again as soon as possible. The problem is money. In the past, auditors and attorneys have charged us on the order of $50,000 a year to file our SEC reports, even though the reports have been quite simple. In September, 2005, we ran out of money to pay auditors and attorneys. I stopped taking a paycheck from GenoMed in May, 2005. For the past few years, I've been supporting the company out of my retirement money. Although I've been working for free since 2005, I haven't found any attorneys or auditors willing to do so."
Dr. Moskowitz continued, "We're trying to bring money into the company just as single-mindedly as before. We're pursuing joint ventures to develop so-called 'kind' chemotherapy: non-toxic pills that slow cancer down. We're also marketing directly to patients with diabetes, high blood pressure, or emphysema."
Dr. Moskowitz ended by saying, "I remain committed to all the company's investors. I am one myself. Becoming compliant with the SEC again should have the effect of an IPO, with a resultant increase in our share price. Most importantly, I believe in our mission to transform healthcare: to save lives while lowering costs. I continue to believe that it's only a matter of time before word leaks out, especially to Baby Boomers, that we can prevent 90% of kidney failure and save Medicare 10% of its budget. It's not our fault that Medicare doesn't want to."
About GenoMed (www.genomed.com)
GenoMed was founded in 2001 by Dr. David Moskowitz, a kidney specialist. The company recently began a "Dialysis-Free in 5" campaign: it will gladly work with any community in the world that wants to eliminate 90% of dialysis within 5 years. GenoMed hopes to make the St. Louis area dialysis-free by 2015.
Safe Harbor Statement
This press release contains forward looking statements, including those statements pertaining to GenoMed, Inc.'s (the Company's) finances and treatments. The words or phrases "ought to," "should," "could," "may," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward looking statements as a result of a number of risks and uncertainties, including but not limited to our research and development being subject to scientific, economic, regulatory, governmental, and technological factors. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Unless otherwise required by applicable law, we specifically disclaim any obligation to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
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