Irvine, CA, September 25, 2019 - Proteo, Inc. (OTCQB: PTEO) (the “Company”) today announced: The Company has become aware of recent promotional activities concerning Proteo, Inc. (PTEO) and its common stock traded on the OTCQB market. As required by the OTCQB Policy on Stock Promotion the Company announces that:
1. The Company’s understanding of the promotional activities is:
a) The Company became aware of the promotional activities by way of notice from OTC Markets Group Inc. on Tuesday September 24, 2019
b) As a result of the promotional activities, the trading price of the Company’s common stock has risen from $ 0.0272 at opening on Tuesday September 24 to $0.11 at close on Tuesday September 24, with a high of $0.14.
c) The promotional activity was in the form of mass e-mail stock pick recommendations from Penny Stock Titans, OTC Rockstar, Pro Trader and Monster Alerts on Tuesday September 24, 2019
2. Neither the Company nor its officer(s) were involved, directly or indirectly, with the creation, distribution, or payment of the promotional materials.
3. The Company has reviewed the statements in the promotional materials provided by the Issuer Compliance of the OTC Markets Group Inc. The Company has determined that certain statements included in these promotional materials related to the Company and its business might be read as misleading and/or incomplete and readers should not place undue reliance on these promotional materials. Specifically, the Company does not condone the use of sensational language to describe the Company’s business prospects or the growth potential of the Company’s industry. The Company encourages investors to review the business and prospects of the Company on its own merits and not based on a comparison to the success of the Company’s competitors. The Company does not condone any statements made regarding the urgency of investing in the Company’s common shares or any other similar statements. Finally, the Company notes that investing in the Company’s securities involves certain risks and uncertainties which investors should review prior to making any investment decision. The Company encourages all investors to undertake proper due diligence and carefully consider all investment decisions. The Company directs potential investors to rely solely on its filings and disclosures made with the U.S. Securities and Exchange Commission, available at www.sec.gov.
4. To the Company’s knowledge, after inquiry of its management, none of its directors and control persons, its officers, directors, controlling shareholders or any of the Company’s third-party service providers have directly or indirectly, been involved in any way with the creation, distribution, or payment of the promotional materials related to the Company and its security.
5. To the Company’s knowledge, after inquiry of its management, neither the Company nor its officers, directors, any controlling shareholders or any third-party service providers have sold or purchased the Company’s securities of common stock within the past 90 days.
6. The Company has not engaged any third-party provider to provide investor relations services, public relations services, marketing, or other related services including the promotion of the Company or its securities in the last twelve months.
7. The Company has not at any point issued shares or convertible instruments allowing the conversion to equity securities at prices constituting a discount to the current market value at the time of issuance.
Proteo's biopharmaceutical drug candidate Elafin promises an excellent
therapeutic benefit risk profile for the use as an anti-inflammatory and
tissue protective drug. Elafin is identical to the human protein elafin
with high specificity for tissue destroying and inflammation promoting
proteases. The development program of Elafin is focused on the late
stage development of Elafin in major surgery and early stage development
in pulmonary arterial hypertension (PAH). Elafin has received orphan
drug designations in the USA and the EU for esophageal cancer surgery
(ECS) and PAH. So far, there were no safety concerns after the treatment
of 75 patients in three randomized, double-blind, placebo-controlled
clinical trials. Postoperative complications in major surgery are the
most significant independent risk factor leading to high morbidity and
hospital readmissions. Following the completion of two Phase II surgery
trials in ECS and coronary artery bypass graft surgery, and a final
European Medicines Agency advice letter, a European pivotal trial with
Elafin in ECS is in preparation. Treatment of patients undergoing ECS
resulted in a significantly shorter intensive care unit stay and a
positive postoperative effect on liver and kidney markers. Treatment of
patients undergoing coronary artery bypass surgery resulted in a
postoperative reduction of the heart damage marker troponin I. In models
of PAH it was shown that Elafin reverses obliterative changes in
arteries of lung explants from PAH patients and that treatment with
Elafin leads to the regression of pulmonary vascular lesions in rats.
PAH is still a fatal disease with high medical need for therapies that
stop disease progression. An investigator-initiated Phase I clinical
trial to assess the safety and tolerability of repeated single
subcutaneous doses of Elafin is ongoing.
Proteo focuses on the discovery and development of therapeutic solutions based on its innovative biopharmaceutical Elafin for life threatening surgeries and life-threatening diseases such as PAH. Proteo seeks partners and investors for the development, commercial scale manufacturing, marketing and distribution of the product. Proteo, Inc. common stock is quoted on the OTCQB under the symbol PTEO ( www.proteo.us). The company has one wholly owned subsidiary, Proteo Biotech AG, Kiel, Germany (www.proteo.de).
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements and risks and uncertainties involved are further qualified by other factors including, but not limited to those set forth in the company’s Form 10-K filing and other filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.