AGOURA HILLS, Calif., April 03, 2023 (GLOBE NEWSWIRE) -- Oncotelic Therapeutics, Inc (OTCQB:OTLC) ("Oncotelic", the "Company" or "We"), a developer of treatments for rare and orphan indications, including Parkinson's Disease, Pancreatic Ductal Adenocarcinoma, Diffuse Intrinsic Pontine Glioma, and COVID-19, today announced the process for the shareholders of the Company for the release of Pet2DAO LLC (“Pet2DAO”) tokens called PDAO.
Pet2DAO is a wholly owned subsidiary of the Company. Eligible shareholders can claim PDAO tokens to participate in the subsidiary to make proposals and vote on such proposals. Eligible shareholders shall have 4 months from April 1st, 2023, i.e. through July 31, 2023, to claim the tokens, with 1 PDAO token issued for every 2,000 shares of the Company owned by the shareholder as of April 1st, 2023. As previously announced, no fractional tokens will be issued. For example, someone who owns 4,500 shares of OTLC on April 1st, 2023, would receive 2 PDAO tokens.
To claim their tokens shareholders must use our shareholder verification program (the “Program”) link below. The Program will verify the shareholders ownership status of the shares they owned as of April 1st, 2023. The Program will also collect their digital Ethereum wallet address, where the tokens will be sent. Detailed instructions can be found in the Program. Tokens are planned to be sent within 10 business days after successful verification of the shareholder ownership status by the Program and will depend on the time to verify the information, which may be longer than the 10 business days.
“We are very excited to release these tokens, as they will enable us to communicate more efficiently with our stakeholders. Through Pet2DAO, shareholders can now easily participate in the decision-making process and have their voices heard in Pet2DAO.” said Scott Myers, Investor Relations.
The program can be accessed at https://token.pet2dao.com/
Instructions: https://www.pet2dao.com/documents/user-guides
Tutorial: https://youtu.be/KqA69DoXhSU
If you run into any issues, please reach out to token@pet2dao.com
Once you receive the tokens, you shall have access to the Pet2DAO Portal. We utilize the Snapshot platform that allows users to create proposals and vote on them. It's important to note that the Company is not obligated to act on these proposals, but they will take approved proposals into consideration. Token holders will have access to an NFT gallery, which contains corporate documents and patents. This will help them gain a better understanding of the PDAO ecosystem.
We aim to establish a strong use case for these tokens, and once that is achieved, we plan to initiate the registration process of PDAO as securities with the SEC. At this time and till further information is disseminated, Pet2DAO will only consider proposals and voting related to the animal health activities that Pet2DAO plans to initiate and no other proposals are currently planned to be considered. It is also important to note that currently PDAO tokens are not considered as securities by the Company, as the current purpose is to only use the tokens for proposal making and voting on such proposals, and the tokens do not have any monetary value. The Company is not responsible for any use of the tokens in a manner inconsistent with how they are intended to be used by the Company or Pet2DAO; or if anyone trades on the tokens, till such time the tokens are registered with, and validly approved, through a valid registration statement by the SEC.
About Oncotelic
Oncotelic (f/k/a Mateon Therapeutics, Inc.), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November 2020. Oncotelic is seeking to leverage its deep expertise in oncology drug development to improve treatment outcomes and survival of cancer patients with a special emphasis on rare pediatric cancers. Oncotelic has rare pediatric designation for Diffuse Intrinsic Pontine Glioma “DIPG” (through OT-101) through its 45% joint venture, melanoma (through CA4P), and Acute Myeloid Leukemia “AML” (through OXi 4503). Oncotelic also acquired PointR Data Inc. in November 2019. Further, Oncotelic acquired AL-101, during the 4th quarter of 2021, for the intranasal delivery of apomorphine. We intend to develop AL-101 for the treatment of Parkinson Disease, erectile dysfunction, female sexual disorder and hypoactive sexual desire disorder. All these ailments have a very large population suffering from them and there is a need for treatments for each. For more information on AL-101, refer to our Annual Report on form 10-K filed with the SEC on April 15, 2022.
Oncotelic's Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. Words such as "may", "expect", "anticipate" "hope", "vision", "optimism", "design", "exciting", "promising", "will", "conviction", "estimate," "intend," "believe", "quest for a cure of cancer", "innovation-driven", "paradigm-shift", "high scientific merit", "impact potential" and similar expressions are intended to identify forward-looking statements. Forward looking statements contained in this press release include, but are not limited to, statements about future plans related to the operations of the JV, taking the JV into an initial public offering or the success thereof, the progress, timing of clinical development, scope and success of future clinical trials, the reporting of clinical data for the company's product candidates and the potential use of the company's product candidates to treat various cancer indications as well as obtaining required regulatory approval to conduct clinical trials and upon granting of approval by the regulatory agencies, the successful marketing of the products; building and the success of our nanoparticle platform and the related success of launching the platform, the success of the launch of a company with a DAO infrastructure, the success of the entity and the plans surrounding the pet and animal health, the ability for the Company to register the tokens of Pet2Dao, the actual filing of a registration statement and approval of the tokens as registrable securities with the SEC through a registration statement, the ability of the tokens to be tradable or any value such tokens may have if they become tradable.. Each of these forward-looking statements involves risks and uncertainties, and actual results may differ materially from these forward-looking statements or may not occur at all. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes, taking the Company or its affiliates through initial public offerings. These risks are not exhaustive, the company faces known and unknown risks, including the risk factors described in the Company's annual report on Form 10-K filed with the SEC on April 15, 2022 and in the company's other periodic filings. Forward-looking statements are based on expectations and assumptions as of the date of this press release. Except as required by law, the company does not assume any obligation to update forward-looking statements contained herein to reflect any change in expectations, whether because of new information, future events, or otherwise.
Contact Information:
For Oncotelic Therapeutics, Inc.:
Investor Relations
ir@oncotelic.com
