Devonian Health Group Inc. Announces Reinstatement of Trading on TSX Venture Exchange Following Resolution of Cease Trade Order
Devonian Health Group Inc. (“Devonian” or the “Company”) (TSXV: GSD; OTCQB: DVHGF), a late-stage botanical pharmaceutical corporation, today announced a significant corporate development: the TSX Venture Exchange (“TSXV” or the “Exchange”) has approved the reinstatement of trading for the Company’s common shares. Effective April 30, 2025, Devonian’s securities will once again be actively traded on the Exchange, marking an important step in the Company’s ongoing commitment to transparency, regulatory compliance, and value creation for shareholders.
This reinstatement follows the successful resolution of a Failure-to-File Cease Trade Order (“FFCTO”) that had been previously issued by the Autorité des marchés financiers (“AMF”), Quebec’s provincial securities regulatory authority. The FFCTO was officially lifted on April 16, 2025, following Devonian’s fulfillment of all outstanding filing requirements.
Background of the FFCTO and Filing Delays
The FFCTO was initially issued on April 7, 2025, due to the Company’s delay in filing several critical financial and regulatory documents. Specifically, the order stemmed from Devonian’s inability to file, by the prescribed deadline, the following documentation for the fiscal quarter ended January 31, 2025:
- Interim financial statements;
- Management’s Discussion and Analysis (MD&A);
- CEO and CFO certifications and other regulatory filings (collectively, the “Required Interim Filings”).
These filings are fundamental to ensuring that investors and market participants have access to timely and accurate information regarding the Company’s financial position, performance, and operational outlook. The delay in submission was not uncommon in the broader context of small-cap public companies, which may face logistical, auditing, or administrative hurdles, but it nevertheless triggered automatic regulatory actions designed to protect market integrity and investor interests.
Timely Compliance and Revocation of FFCTO
Upon finalizing and submitting the Required Interim Filings on April 15, 2025, Devonian promptly notified the AMF, which reviewed the documents and determined that the Company was in full compliance with its continuous disclosure obligations. As a result, the AMF issued a formal revocation of the FFCTO on April 16, 2025, allowing the Company to proceed with its application to the TSX Venture Exchange for the reinstatement of trading.
The reinstatement process itself involved a review by the Exchange to ensure that all regulatory conditions were met, including public disclosure, completion of any material changes, and formal confirmation from the AMF that the cease trade order had been lifted. With these criteria satisfied, the TSXV granted its approval, allowing Devonian’s common shares to resume trading.
Impact on Shareholders and the Broader Market
The temporary suspension of trading resulting from the FFCTO understandably created uncertainty for Devonian’s investors and stakeholders. The inability to buy or sell shares during this period limited market liquidity and temporarily froze valuations. Devonian acknowledges the inconvenience this may have caused and extends its appreciation to shareholders, analysts, partners, and institutional supporters for their patience and continued trust.
This episode also serves as a reminder of the crucial role of regulatory compliance and timely financial reporting in maintaining investor confidence and access to capital markets. For emerging companies like Devonian that operate in capital-intensive sectors such as pharmaceutical R&D, uninterrupted access to public markets is not only strategic—it’s often essential for financing clinical programs, advancing regulatory submissions, and securing commercial partnerships.
Devonian’s Commitment to Governance and Transparency
Following the resolution of this matter, Devonian has reiterated its commitment to enhancing its internal processes and corporate governance frameworks. The Company is currently conducting an internal review of its financial reporting procedures, with the aim of ensuring that future quarterly and annual reports are filed on time and in accordance with all applicable regulatory requirements. This may include additional investments in financial software, strengthened coordination with auditors, or expanded in-house accounting capacity.
Moreover, the Company’s leadership team is working closely with its Board of Directors to reinforce oversight of compliance and risk management functions. Devonian recognizes that its long-term credibility in the public markets depends not only on clinical or commercial milestones but also on its ability to consistently meet the standards expected of a publicly traded issuer.
With trading set to resume, Devonian can now refocus its energy and resources on strategic and operational priorities. These include advancing its pipeline of botanical pharmaceutical candidates, exploring licensing and co-development opportunities, and engaging with healthcare stakeholders to bring its science-based solutions to market.
The Company’s lead asset, Thykamine™, a first-in-class anti-inflammatory drug derived from plant extracts, remains central to Devonian’s mission of developing differentiated therapies for chronic inflammatory diseases. Additional candidates in the pipeline are under preclinical and early clinical development, with data readouts expected later this year.
Devonian also continues to monitor potential M&A and partnership opportunities that align with its focus areas. With its TSXV quotation reinstated, the Company is better positioned to leverage capital markets activity, attract strategic investment, and enhance shareholder value through disciplined execution.
Message from Leadership
In an official statement accompanying the announcement, Dr. André P. Boulet, President and CEO of Devonian Health Group, expressed his gratitude to the Company’s stakeholders and reaffirmed the organization’s ongoing commitment to transparency and excellence:
“We are pleased to have resolved the filing delay and to see trading in our shares resume on the TSX Venture Exchange. We fully understand the responsibility we carry as a public issuer, and we are taking concrete steps to improve our internal processes and ensure this situation does not recur. We thank our investors and partners for their continued confidence, and we look forward to delivering on our scientific and commercial goals in the months ahead.”
