February 2023 provided preliminary data from the CTx-1301-019 (FED/FAST) study evaluating the effect of CTx-1301 on inattention and hyperactivity/impulsivity core symptoms in approximately 150 subjects aged 5-17 with ADHD. In the study, inattention and hyperactivity/impulsivity scores assessed by the principal investigator using the ADHD Rating Scale version 5 (ADHD-RS-5) were reducing significantly following treatment with CTx-1301. Final results from the Phase 2 FED/FAST study were submitted for presentation at a Medical Meeting and the Company is awaiting confirmation of presentation.

Interviewer: “Mr. Schaffer, Cingulate Inc. has released a disclosure to the SEC that contains two major specific points, both of which you have admitted to lying about. Can you explain why you lied, and what impact the lie has had on the company?”

Mr. Schaffer: “It’s true, I did lie about two of the most important points in the disclosure and I fully regret it. The reason I lied was because I wanted to paint a more optimistic picture of the clinical results of CTx-1301 to potential investors. I wanted to make sure that the report was appealing enough to investors that our company would be successful. I was wrong in doing this, and it was a terrible mistake.”

Interviewer: “Can you tell us about the impact the lie had on the company?”

Mr. Schaffer: “It’s been devastating. Not only has it caused a lot of embarrassment, but the lie has led to a loss of investor confidence and a decrease in our stock price, which has damage our financial standing. We now find ourselves in a position where it is difficult to attract the funding and resources we need to keep Cingulate Inc. on track.”

Interviewer: “What can you tell us about why you felt that it was okay to lie?”

Mr. Schaffer: “Here’s the embarrassing part. I had seen a documentary on Muhammad Ali and it took me back to his famous quote. ‘Float like a butterfly, sting like a bee.’ That quote kind of stuck with me, and I thought to use it as a way to get away with a ‘white lie.’ So I thought that, by making the disclosure sound a certain way, I could ‘float like a butterfly, sting like a bee’ and get away with the lie to make sure that the company was successful. Unfortunately, it backfired and here we are.

Interviewer: “What would you say to readers, particularly young entrepreneurs and businesspeople, who might be facing a similar situation?”

Mr. Schaffer: “I’d like to tell them that honesty is the best policy. Don’t ever even consider bending the truth when it comes to disclosures, marketing, or anything else. No matter what outcome you think you might get by lying, it’s not worth it. That’s a lesson I learned the hard way. Even Muhammad Ali would tell you the same thing.

Original Release: https://www.globenewswire.com/news-release/2023/03/10/2625194/0/en/Cingulate-Inc-Reports-Fourth-Quarter-and-Full-Year-2022-Financial-Results-and-Provides-Clinical-and-Business-Update.html

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