WASHINGTON, Sept 8 (Reuters) - The U.S. Securities and Exchange Commission:
* Says it charges CellCyte Genetics Corp and two former executives with giving false information to investors.
* Says CellCyte had license for very early stage technology and 'no reasonable basis for its claims' to investors that stem cell technology was headed for human trials.
* Says CellCyte and ex-chief Scientific Officer Ronald Berninger agree to settle case without admitting, denying wrongdoing. Berninger to pay a $50,000 penalty as part of settlement.
* Accuses CellCyte of partnering with a Canadian stock promoter that sent millions of emails, faxes with false information that nearly doubled stock price to $7.50 and briefly gave the company a market capitalization of nearly $450 million. The price later crashed to less than 10 cents per share.
(Reporting by Julie Vorman; Company news desk in Washington; +1 202 898 8400, washington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says it charges CellCyte Genetics Corp and two former executives with giving false information to investors.
* Says CellCyte had license for very early stage technology and 'no reasonable basis for its claims' to investors that stem cell technology was headed for human trials.
* Says CellCyte and ex-chief Scientific Officer Ronald Berninger agree to settle case without admitting, denying wrongdoing. Berninger to pay a $50,000 penalty as part of settlement.
* Accuses CellCyte of partnering with a Canadian stock promoter that sent millions of emails, faxes with false information that nearly doubled stock price to $7.50 and briefly gave the company a market capitalization of nearly $450 million. The price later crashed to less than 10 cents per share.
(Reporting by Julie Vorman; Company news desk in Washington; +1 202 898 8400, washington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
