Q BioMed Inc., a biotech acceleration and commercial stage company, has provided an update to shareholders regarding its financials and OTC listing compliance. The company was unable to file complete audited financials for 2022 due to capital constraints and costs associated with the audit process. As a result, it filed an un-audited annual report for 2022 and Q1 2023 but was downgraded to the 'Expert Market' due to non-compliance. The Expert Market is only available for unsolicited quotes from sophisticated retail and institutional investors. QBioMed is currently facing market pressure due to challenging capital requirements that are difficult to service given its debt and lack of resources.
The company is working with consultants and bankers to restructure itself for funding or possible M&A with compatible listed entities that may be looking for similar portfolio assets. Despite these challenges, QBioMed remains committed to finding a solution for the benefit of all stakeholders.
QBioMed provides strategic resources, developmental support, and expansion capital needed by target assets in the healthcare sector that it acquires or licenses. Its goal is to ensure they meet