San Diego-based Emerald Health Pharmaceuticals announced CEO Jim DeMesa, MD, and CFO Lisa Sanford have resigned in a July 11 press release shared with Becker's.
Dr. DeMesa and Ms. Sanford recently received a Wells Notice from the Securities and Exchange Commission, which stated that the commission made preliminary determinations to recommend that it file enforcement actions against the company, Dr. DeMesa, and Ms. Sanford, alleging violations of the anti-fraud provisions of federal securities laws.
Board Chair Jim Heppell said the alleged violations do not relate to the Company's technology or intellectual property.
"The Board believes that Emerald’s unique technology has significant merit and value, and the Company is committed to developing its novel therapeutic candidates to potentially address diseases with unmet needs," Mr. Heppell said.
Emeralds Health Pharmaceuticals is developing novel product candidates for the treatment of CNS, autoimmune, and other diseases.