PreveCeutical Commences Litigation Against Former Legal Counsel in the British Columbia Supreme Court Alleging Professional Negligence

PreveCeutical Medical Inc. announces that it, along with certain others, filed a Notice of Civil Claim (the “Claim”) in the British Columbia Supreme Court on June 5, 2024 against its former legal counsel (the “Defendants”). The Claim alleges that the Defendants were negligent in the provision of legal advice in relation to the Company’s issuance of a news release and material change report in connection with a previous private placement which resulted in the issuance of a Notice of Hearing by the Executive Director of the British Columbia Securities Commission on February 14, 2022. The Notice of Hearing was dismissed by the British Columbia Securities Commission on May 2, 2024.

The plaintiffs, which include Stephen Van Deventer and Asterion Cannabis Inc., are seeking damages, which include losses for reputational harm, financial losses, loss of financing and other business opportunities as well as losses for legal expenses in relation to proceedings arising from the Notice of Hearing.

Due to uncertainties inherent in litigation, it not possible for the Company to predict the timing or final outcome of the legal proceedings against the Defendants or to determine the amount of damages, if any, that may be awarded.

About PreveCeutical
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilising organic and nature identical products. PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel Program; Nature Identical^™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury). For more information about PreveCeutical, please visit www.PreveCeutical.com, follow us on Twitter: http://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.