Former Telomolecular CEO Clarifies SEC S...( Former Telom...)

Former Telomolecular CEO, Matthew Sarad, clarifies the scope and terms of his settlement with the SEC. Case No. 2:08-cv-2252-GEB-DAD.

(PRWEB) November 3, 2008 -- Telomolecular, a Rancho Cordova, California Corporation, was formed in 2005 to develop and license new nanotechnology based therapeutics to treat diseases of aging and cancer, particularly diseases related to chromosomal telomere shortening. The Company worked with a number of known U.S. universities and hospitals including but not limited to Stanford, the University of Nebraska, and the third largest hospital in the country, the Cleveland Clinic, where Telomolecular's anticancer therapeutics are being presently studied in living animals. The SEC alleged in a complaint (Case No. 2:08-cv-2252-GEB-DAD) filed in a Sacramento, California court in September of 2008, that the Corporation's Chief Executive Officer, Mr. Matthew Sarad, misrepresented key facts to investors related to the number and involvement level of certain employees, the corporation's progress towards an IPO, and two material financial transactions. Without admitting or denying the charges Mr. Sarad reached a settlement that required that he pay a $100,000 fine and not serve as an officer or director of a publicly traded U.S. company for a period of five years.

According to Mr. Sarad, "I had no practical way to litigate the government and just wanted to put this unfortunate episode of my career behind me. Resigning from Telomolecular was truly heartbreaking for me given the many years of very hard work. We were all working in the interests of our investors and in the interests of science. The number of extraordinary assets and opportunities the company possesses is impressive and I believe the new CEO will break into global pharmaceutical markets with our cutting edge goods. Telomolecular was, and is one of the most important and most promising technology companies i
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