PreveCeutical Launches Strategic Partnership with BioGene Therapeutics
PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) has signed a definitive agreement to sell intellectual property assets to BioGene Therapeutics, its wholly owned subsidiary, for USD$1,353,227. The deal includes IP from UniQuest's research program and bio-responsive gene carrier systems for siRNA delivery in diabetes and obesity treatment. The purchase price consists of USD$500,000 in cash (payable within 24 months) and 16,000,000 common shares of BioGene at USD$0.0533 per share. PreveCeutical plans to distribute approximately 75% of the consideration shares to its shareholders on a pro-rata basis, with details and record date to be announced.
PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) ha firmato un accordo definitivo per vendere beni di proprietà intellettuale a BioGene Therapeutics, la sua controllata interamente posseduta, per un importo di USD$1.353.227. L'accordo include IP dal programma di ricerca di UniQuest e sistemi di trasporto genetico bio-rispondenti per la consegna di siRNA nel trattamento del diabete e dell'obesità. Il prezzo d'acquisto consiste in USD$500.000 in contante (pagabili entro 24 mesi) e 16.000.000 di azioni ordinarie di BioGene a USD$0.0533 per azione. PreveCeutical prevede di distribuire circa il 75% delle azioni di considerazione ai propri azionisti su base pro-rata, con dettagli e data di registrazione da annunciare.
PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) ha firmado un acuerdo definitivo para vender activos de propiedad intelectual a BioGene Therapeutics, su subsidiaria de propiedad total, por USD$1,353,227. El acuerdo incluye IP del programa de investigación de UniQuest y sistemas de portadores de genes bio-responsivos para la entrega de siRNA en el tratamiento de la diabetes y la obesidad. El precio de compra consta de USD$500,000 en efectivo (pagaderos dentro de 24 meses) y 16,000,000 de acciones comunes de BioGene a USD$0.0533 por acción. PreveCeutical planea distribuir aproximadamente el 75% de las acciones de consideración a sus accionistas de manera proporcional, con detalles y fecha de registro que se anunciarán.
프리베시추컬 메디컬 (CSE: PREV) (OTCQB: PRVCF)은 바이오진 테라퓨틱스에게 지식재산권 자산을 USD$1,353,227에 판매하기 위한 최종 계약을 체결했습니다. 이 거래에는 유니퀘스트의 연구 프로그램과 당뇨병 및 비만 치료를 위한 siRNA 전달을 위한 생체 반응형 유전자 운반 시스템의 IP가 포함됩니다. 구매 가격은 24개월 이내에 지급되는 USD$500,000의 현금과 USD$0.0533의 가격으로 바이오진의 일반주 16,000,000주로 구성됩니다. 프리베시추컬은 약 75%의 보상 주식을 주주들에게 비례 배분할 계획이며, 세부 사항 및 기록일은 발표될 예정입니다.
PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) a signé un accord définitif pour vendre des actifs de propriété intellectuelle à BioGene Therapeutics, sa filiale entièrement détenue, pour un montant de 1 353 227 USD. L'accord inclut la PI du programme de recherche de UniQuest et des systèmes de transporteurs de gènes bio-réactifs pour la délivrance de siRNA dans le traitement du diabète et de l'obésité. Le prix d'achat se compose de 500 000 USD en espèces (à payer dans les 24 mois) et de 16 000 000 d'actions ordinaires de BioGene au prix de 0,0533 USD par action. PreveCeutical prévoit de distribuer environ 75 % des actions de contrepartie à ses actionnaires sur une base pro-rata, avec des détails et une date d'enregistrement à annoncer.
PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) hat einen endgültigen Vertrag unterzeichnet, um geistiges Eigentum an BioGene Therapeutics, seiner hundertprozentigen Tochtergesellschaft, für USD$1.353.227 zu verkaufen. Der Deal umfasst IP aus dem Forschungsprogramm von UniQuest und bio-responsiven Genträgersystemen für die siRNA-Abgabe bei Diabetes- und Adipositasbehandlungen. Der Kaufpreis besteht aus USD$500.000 in bar (zahlbar innerhalb von 24 Monaten) und 16.000.000 Stammaktien von BioGene zu USD$0.0533 pro Aktie. PreveCeutical plant, etwa 75% der Gegenleistungsaktien an seine Aktionäre auf pro-rata-Basis zu verteilen, Details und Stichtag werden noch bekannt gegeben.
- Sale of IP assets for USD$1,353,227, providing monetization of research assets
- 75% of consideration shares to be distributed to shareholders
- Additional compensation up to $30,000 for third-party accounting costs
- Cash payment of USD$500,000 is deferred for up to 24 months
- Transaction closing subject to various conditions and approvals
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE:18H) ("PreveCeutical" or the "Company"), a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature-identical products, is pleased to announce that it has signed a definitive agreement on the 29 October, 2024 (the "Agreement") to sell certain intellectual property assets (the "Assets") owned by itself and its affiliate, PreveCeutical (Australia) Pty Ltd. ("PreveCeutical Australia") to BioGene Therapeutics Inc., a wholly owned subsidiary of the Company ("BioGene") (the "Acquisition").
Stephen Van Deventer, Chairman and CEO commented "We are extremely pleased that our Dual Gene Therapy program will advance as a singular entity, and we will retain new Scientists, Board of Directors and management who specialize in this medical field."
The Assets that BioGene will acquire include (i) the intellectual property arising from the ongoing research program by UniQuest Pty Ltd. for PreveCeutical Australia, but excluding any improvements to the Background IP (as hereinafter defined); (ii) the option provided to PreveCeutical Australia to obtain a license of the Background IP (as hereinafter defined); and (iii) any other assets or intellectual property held by PreveCeutical and PreveCeutical Australia in connection with the commercialization of bio-responsive gene carrier-and-release systems for siRNA delivery in the treatment or prevention of diabetes and obesity. Background IP refers to all intellectual property developed at the University of Queensland in the research group of Dr. Harendra Parekh involving bioreducible amino acid derivatives, bioreducible peptide dendrimers synthesized from the amino acid derivatives, and methods and know-how for producing such bioreducible derivates and dendrimers.
The aggregate purchase price for the Assets will be USD
PreveCeutical is committed to distributing a portion of the Consideration Shares to its shareholders (the "Distribution"), with the precise allocation of Consideration Shares to be distributed to be determined by the record date (as will be determined by PreveCeutical). At this time, PreveCeutical plans to allocate approximately
Closing of the Acquisition remains subject to, without limitation, receiving all necessary consents and approvals, as well as the satisfaction of various closing conditions as set forth in the Agreement.
About PreveCeutical
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel Program; Nature Identical™ peptides for treatment of various ailments; nonaddictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury). For more information about PreveCeutical, please visit www.PreveCeutical.com, follow us on Twitter: http://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.
On Behalf of the Board of Directors,
PreveCeutical Medical Inc.
"Stephen Van Deventer"
Chairman & Chief Executive Officer
For further information, please contact:
Stephen Van Deventer
(604) 306-9669
ir@PreveCeutical.com
Forward-Looking Statements:
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding receipt of regulatory and other consents and approvals for the Acquisition; PreveCeutical, PreveCeutical Australia, and BioGene completing the Acquisition as contemplated by the Agreement; PreveCeutical receiving the necessary regulatory and other consents and approvals for the Distribution; and PreveCeutical completing the Distribution as contemplated above. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including adverse market conditions and other factors beyond the control of the parties. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company; regulations and policies affecting the biotechnology or pharmaceutical industry adversely affecting the future results or performance of PreveCeutical or BioGene; the Company's failure to obtain the required consents and approvals for the Acquisition and the Distribution; and the Company determining that the Distribution is not an optimal strategy following tax and business consultations. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228237
FAQ
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