The Ontario Securities
Commission today adjourned its hearing against Discovery Biotech Inc. and three of its directors and officers until September 20.

On June 2, 2004, the OSC charged Discovery Biotech Inc., Orest Lozynsky, Robert Vandenberg and Howard Rash with violations of the Ontario Securities Act.

The respondents are charged with:

  • trading in shares of Discovery without being registered to trade in securities;
  • trading in securities of Discovery without having filed a prospectus with the OSC; and
  • making certain prohibited representations respecting the future value of the securities and the listing of Discovery securities on a stock exchange.

.In addition, Lozynsky, Vandenberg and Rash are charged with authorizing, permitting or acquiescing in the commission of the offences under the Securities Act noted above.