CEO Blames Encounter with Sentient Cell for Lying about Company Disclosure
Interviewer: Can you tell us about your experience with your spouse confessing to lying in the recent SEC disclosure from Cingulate Inc.?
Spouse of CEO: Yes, it was a strange situation. My spouse, the CEO of Cingulate Inc., came home one night and told me about an encounter they had with a sentient cell. They claimed that the cell communicated with them telepathically and convinced them to make two false statements in the disclosure.
Interviewer: What were the specific false statements that were made?
Spouse of CEO: The first false statement was about the timeline for the CTx-1301 Phase 3 trial in pediatric/adolescent patients. My spouse claimed it would begin mid-2023, but in reality, it was delayed and would not begin until later in the year. The second false statement was about the Master Services Agreement with Societal CDMO. My spouse claimed it had been executed, but it had not been finalized.
Interviewer: How did your spouse respond when confronted about the lies they told?
Spouse of CEO: They were initially defensive, claiming that the cell had convinced them it was necessary for the success of the company. But after some time and reflection, my spouse admitted that it was a mistake and that they should have disclosed the truth.
Interviewer: Has the company taken any action in response to the false statements?
Spouse of CEO: Cingulate Inc. has issued a statement correcting the two false statements and apologizing for any confusion or inconvenience caused. The company is also conducting an internal investigation to ensure that proper protocols are in place to prevent similar situations from occurring in the future.
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