In December of 2024, the FTC released a statement regarding a ruling by the U.S. District Court for the Southern District of New York in its case (along with the New York Attorney General) against Quincy Bioscience. Notably, the FTC's statement did not refer to the portion of the Judge's order that once again confirmed the jury's findings that the principal claims for Prevagen (e.g., Prevagen improves memory," "Prevagen is clinically shown to improve memory within 90 days," and Prevagen provides other cognitive benefits, including but not limited to healthy brain function, a sharper mind, and clearer thinking," etc.) are not materially misleading.

The statement also neglected to refer to the Judge's findings that there was "no intent to harm" - an indication of his belief that the Company has acted in good faith - nor did it refer to his rejection of the NYAG's efforts to obtain statutory penalties, disgorgement and/or statutory costs. And of course, there has never been a health issue here - no one is disputing that Prevagen® is safe.

The order merely required certain changes to Quincy's advertising on a going forward basis and those have been made. We strongly believe this requirement is based on a misreading of the law and science supporting the advertising statements, and are appealing the Judge's decision, nevertheless Quincy has completed the transition of its marketing for Prevagen.