BCSC panel dismisses scorpion venom company allegations [Video]

A Vancouver-based health sciences company that was attempting to develop synthetic scorpion venom withheld relevant information from investors, but that omission did not necessarily have an impact on the company’s stock price, B.C.’s financial regulator has ruled.

A panel of the B.C. Securities Commission dismissed the allegations against PreveCeutical Medical Inc. and its CEO Stephen Van Deventer in a decision issued this week. 

The commission’s executive director had accused PreveCeutical and Van Deventer of misconduct stemming from a news release the company issued in 2018. In the release, the company said it had raised approximately $6.5 million through a private placement, but it did not share that approximately $3.2 million of the total had already been paid or would be paid to consultants.

Panels of the BCSC have found these types of omissions to be misconduct in the past, such as when a blockchain company failed to discloseit would be paying most of the $5.4 million it had raised to …