Florida-based Immune Therapeutics, now known as Biostax Corp., was described by the SEC as a developer of immunotherapies targeting protexopioid-related conditions. The SEC emphasized that the company traded on an over-the-counter market and had been previously linked to Cytocom, which was formed in 2014 as a subsidiary of Immune Therapeutics.
According to the SEC, Dewitz joined Cytocom as director of business development in April 2020, where he was tasked with finding a suitable public company for Cytocom to merge with. Dewitz reportedly identified Cleveland BioLabs as a potential target because of its drug development for acute radiation syndrome, which aligned with Cytocom’s research.
As talks progressed, the SEC said Dewitz maintained close communication with Cytocom’s CEO, sometimes having daily phone calls, and even inquired whether it was appropriate to trade Cleveland BioLabs’ shares. The CEO allegedly advised Dewitz not to trade ahead of the merger announcement, a warning Dewitz reportedly ignored, continuing to buy shares in both companies.
