Connectyx Reports Fiscal Year 2020 Financial Results

Rhea-AI Summary

Connectyx Technologies Holdings Group, Inc. (OTC: CTYX) announced its fiscal year 2020 results, highlighting a name change to Curative Biotechnology, Inc. and a symbol shift to CURB. The firm secured significant licensing agreements for innovative therapies, including CURB906 for brain tumors and IMT504 for rabies. They raised $1.09 million through financing and engaged auditors to become SEC reporting. The company aims for accelerated growth in 2021, supported by a strengthened management team in the biotech sector.

Positive

• Executed licensing agreements for CURB906 targeting CD56 Positive Brain Tumors.
• Entered an exclusive agreement for IMT504, targeting late-stage rabies.
• Raised $1.09 million through debt and warrant exercises.
• Engaged experienced biotech professionals to enhance management team.

Negative

• CTYX is not generating revenues.
• The company operates as a pre-revenue entity with inherent risks.

Biotechnology Company Issues Highlights and Subsequent Events

Boca Raton, Fla, March 09, 2021 (GLOBE NEWSWIRE) -- Connectyx Technologies Holdings Group, Inc. (OTC: CTYX) (“Connectyx” or the “Company”), a development-stage biomedical company focusing on novel treatments for rare diseases, announced that it has filed financial results for the fiscal year ended December 31, 2020. As reported in late 2020, Connectyx registered with the State of Florida to become Curative Biotechnology, Inc. and has applied for the name change and a trading symbol change to “CURB” with the Financial Industry Regulatory Authority, Inc. (FINRA).

The annual report can be accessed at OTC Markets Group:
https://www.otcmarkets.com/stock/CTYX/disclosure

Assets and Balance Sheet reflects substantial improvement over Fiscal Year 2019 including the addition of:

1. CURB906 - Company entered into an Exclusive Evaluation and Commercialization Option License Agreement with the National Cancer Institute (NCI), for the use of a First in Class Antibody Drug Conjugate for Targeting CD56 Positive Brain Tumors.
2. IMT504 - Company entered into a worldwide license agreement with MidAtlantic BioTheraputics, Inc. (MABT), to license the development of a novel immunostimulatory drug; IMT504 as an immunotherapy for late-stage symptomatic rabies. 

     3. Preliminary bridge financing through a combination of straight debt instruments ($565,000) and the exercise of warrants ($525,000) in exchange for one year restricted shares for a total of $1.09 Million.

Subsequent to the Fiscal year-end:

• Company engaged Public Company Accounting Oversight Board (PCAOB) auditor, Daszkal Bolton LLP, to serve as the auditor for the Company to become SEC reporting.
   
• Company also launched an updated website for Curative Biotech: https://curativebiotech.com/
   
• Company announced the addition of three (3) biotechnology veterans with extensive experience in clinical development, regulatory affairs, manufacturing, business development and patent portfolio direction to senior management. https://www.prnewswire.com/news-releases/connectyx-announces-key-biotech-industry-veterans-to-management-team-301226516.html
   
• In February 2021, the Company entered into an Exclusive Patent License Agreement to practice inventions with the National Eye Institute (NEI) of the National Institutes of Health (NIH), including the repurposed use of Metformin to treat Retinal Degeneration (RD).

Chairman Michaels noted, “We have made tremendous progress in the remaking of this company in the past twelve months. We have acquired three important therapeutic development programs, have brought in an outstanding experienced life science industry management team, and we have raised $1.09 million in a preliminary financing. I believe 2021 will bring more growth to the company as our programs begin to move towards the clinic and as we continue to demonstrate that we can execute on our core business model of acquiring assets under economically sustainable terms and adding inflection point value. 

About Connectyx Technologies Holdings Group, Inc. http://curativebiotech/

Connectyx is a development-stage biomedical company focusing on novel treatments for rare diseases. In November, the Company announced it is changing its name to Curative Biotechnology, Inc. and has applied for the name change and a trading symbol (CURB) with the Financial Industry Regulatory Authority, Inc., which should take effect in the first quarter of 2021. Connectyx is focused on therapies with potentially accelerated development paths as a result of either the disease, the nature of the therapeutic itself, or the stage of clinical development. At the heart of the Company is a product development engine that rests on our unique S.O.A.R. filter (Science, Opportunity, Acceleration, Rare Disease.) At Connectyx, we envision a world where all patients have a therapeutic option.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. CTYX is not yet generating revenues. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subjected to known, unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with OTC Markets from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contact:
Connectyx Technologies Holdings Group, Inc.
ir@curativebiotech.com
Paul Michaels
561-418-7725

FAQ

What are the fiscal year 2020 results for CTYX?

CTYX filed its financial results for the fiscal year ending December 31, 2020, indicating significant developments and improvements.

What is the new trading symbol for Connectyx after the name change?

The company will change its trading symbol to CURB following its name change to Curative Biotechnology, Inc.

What therapeutic developments were announced by CTYX?

CTYX announced licensing for CURB906 and IMT504, focusing on cancer and rabies therapies, respectively.

How much funding did CTYX raise recently?

The company raised a total of $1.09 million through financing methods.