TORONTO, ONTARIO -- (Marketwired) -- 08/02/13 -- Biologix Hair Inc. (OTCBB: BLGX) (OTCQB: BLGX) announced that it filed a Form 15 as notice of suspension of the duty to file periodic reports under Sections 13 and 15(d) of the Securities Exchange Act of 1934 with the Securities and Exchange Commission ("SEC") August 1, 2013. The Company is thereby voluntarily suspending its reporting obligations under the Securities Exchange Act of 1934.
As a result of filing Form 15, Biologix will no longer be required to file annual and quarterly reports with the SEC. The Company took this action in order to maximize management efficiency and cost effectiveness during its fast-paced development stage. The Company also aims to benefit from new capital-raising exemptions contained in the JOBS Act, which will allow registration exempt companies to raise up to $50 million in any 12-month period from accredited investors.
The Company's common stock will continue to be eligible for quotation on the OTC Pink (www.otcmarkets.com) quotation system, but will cease to be quoted or traded on the OTC Bulletin Board. The change in trading venue is to become effective shortly after the filing but Biologix will suspend all periodic report filing with the SEC effective immediately.
"Our Directors unanimously supported the voluntary suspension of filings after careful consideration of our short- and long-term goals, and with a view to maximizing shareholder value," said Biologix Chairman Ron Holland. "We expect that the added flexibility and cost effectiveness associated with a temporary 'dark period' will quicken our pace during the development stage and expand our strategic options in terms of financing and development of our intellectual property. In light of JOBS Act reforms, we strongly believe that the benefits of going dark clearly outweigh the benefits we received from maintaining our OTCBB quotation."
The Company plans to provide timely quarterly and annual reports pertaining to its financial performance and other announcements on its website. The Company also intends to resume its SEC reporting obligations under the Securities Exchange Act of 1934 once the timing is optimal for the continuous success of its business operations.
About Biologix Hair Inc. and Biologix Hair Science Ltd.
Biologix Hair Inc. (Biologix Hair), together with its wholly owned biotechnology subsidiary, Biologix Hair Science Ltd. ™ (BHS), is focused on realizing the full market potential for its patent-pending hair loss prevention and regeneration treatment - the Biologix Hair Therapy System™ - and its demonstrated ability to prevent and reverse the effects of alopecia, which plagues hundreds of millions worldwide.
Between mid-2004 and late 2011, more than 30,000 pre-clinical-trial treatments of Biologix Revive - the essence of the Biologix Hair Therapy System™ - were administered to 5,000-plus patients in South America suffering with varying degrees of alopecia, as well as people seeking preventive treatment. The participating treatment clinicians subjectively observed and reported that virtually 100% of preventive care clients continued to retain their healthy hair and an estimated 80-85% of the males and 90-plus% of the females treated for hair regeneration experienced significant regrowth of their own natural hair. And among alopecia areata patients, virtually total hair regrowth was observed in 100% of the cases. To date, no negative side effects have been reported.
BHS is currently focused on obtaining FDA approval for its breakthrough hair loss prevention and regeneration therapy and has initiated a research and development program with one of the world's leading medical research universities, the Beijing Institute of Technology (BIT). The R&D program, expected to take approximately twelve months to complete, is an important final step before formal clinical trials and the FDA approval process begins.
Additionally, on May 11, 2012, Venable LLP, the Washington-based law firm overseeing the worldwide IP and regulatory approval processes on behalf of BHS, filed a Patent Cooperation Treaty (PCT) application on behalf of BHS for Biologix Revive in Geneva, Switzerland. The PCT is an international treaty, administered by the World Intellectual Property Organization (WIPO), to which 147 countries have as of now contracted, including Canada and the United States.
Biologix management is determined to be in a ready position to capitalize on the high-margin sales potential of the Biologix Hair Therapy System™ and is rapidly developing a global distribution network of licensed clinicians and medical practitioners seeking to become Certified Biologix Hair Therapists™ and secure exclusive territorial purchasing and treatment rights for the Biologix Hair Therapy System™.
Although the Biologix Hair Therapy System™ is currently not able to be offered in more heavily regulated markets, such as the United States, Canada and the European Union, there are countries and regions with less restrictive regulatory barriers that enable Biologix to provide immediate treatment via its clinician network while simultaneously focusing on obtaining regulatory approvals for all markets, worldwide.
BHS is in the process of opening a prototype commercial hair therapy treatment and medical training center in Cartagena, Colombia. The fee-for-service clinic is expected to be operational before the end of October 2013. Additionally, management is currently working together with its Medical Advisory Board and its team of legal advisors to determine in which strategic locations around the world to begin offering commercial treatment options - expected to be available in the first quarter of 2014.
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This announcement is not an offer to sell any Biologix Hair Inc. ("Biologix") securities. Offers for any given security are made only through applicable offering circulars and related documents filed with the SEC pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of Biologix may contain "forward-looking statements". Such forward-looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and includes, without limitation, the development of treatment centers and approval from regulatory authorities as well as the ability for Biologix to obtain adequate financing to meet its business objectives. Forward-looking statements express our expectations or predictions of future events or results. They are not guarantees and are subject to many risks and uncertainties. There are a number of factors beyond our control that could cause actual events or results to be significantly different from those described in the forward-looking statements. Any or all of our forward-looking statements in this report or in any other public statements we make may turn out to be wrong. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. In Canada, Europe and the United States, the Biologix treatment is not approved for use by Health Canada, EMA or the FDA. The company makes no representations that it will receive Health Canada, EMA or FDA approvals.
Biologix Hair Inc.
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