Range Impact Announces Sale of Cannabinoid Drug Development Business
Range Impact (OTC: RNGE) has announced the sale of its cannabinoid drug development business, Graphium Biosciences, to Placer Biosciences. This strategic move allows Range Impact to focus on its environmental services business in Appalachia. The sale includes all of Graphium's assets, with Range Impact receiving warrants for 25% of Placer's common stock, a small cash amount, and 50% of proceeds from non-core equipment sales over the next year.
Graphium was developing early-stage cannabinoid-based therapeutics for gastrointestinal diseases without psychoactive side effects. The decision to divest came after a review of corporate strategies and market conditions. Range Impact's CEO, Michael Cavanaugh, expressed excitement about partnering with Placer Biosciences' leadership and their commitment to advancing the drug platform.
Range Impact (OTC: RNGE) ha annunciato la vendita della sua attività di sviluppo di farmaci a base di cannabinoidi, Graphium Biosciences, a Placer Biosciences. Questo movimento strategico consente a Range Impact di concentrarsi sulla sua attività di servizi ambientali negli Appalachi. La vendita include tutti gli attivi di Graphium, con Range Impact che riceve warrant per il 25% delle azioni ordinarie di Placer, una piccola somma in contante, e il 50% dei proventi dalle vendite di attrezzature non-core nel prossimo anno.
Graphium stava sviluppando terapeutiche a base di cannabinoidi in fase iniziale per malattie gastrointestinali senza effetti collaterali psicoattivi. La decisione di dismettere è stata presa dopo una revisione delle strategie aziendali e delle condizioni di mercato. Il CEO di Range Impact, Michael Cavanaugh, ha espresso entusiasmo per la partnership con la leadership di Placer Biosciences e il loro impegno per il progresso della piattaforma farmaceutica.
Range Impact (OTC: RNGE) ha anunciado la venta de su negocio de desarrollo de medicamentos cannabinoides, Graphium Biosciences, a Placer Biosciences. Este movimiento estratégico permite a Range Impact centrarse en su negocio de servicios ambientales en los Apalaches. La venta incluye todos los activos de Graphium, y Range Impact recibirá opciones sobre el 25% de las acciones ordinarias de Placer, una pequeña cantidad en efectivo y el 50% de los ingresos por ventas de equipos no esenciales durante el próximo año.
Graphium estaba desarrollando terapéuticas basadas en cannabinoides en etapas tempranas para enfermedades gastrointestinales sin efectos secundarios psicoactivos. La decisión de desinvertir se tomó tras una revisión de las estrategias corporativas y las condiciones del mercado. El CEO de Range Impact, Michael Cavanaugh, expresó su entusiasmo por asociarse con el liderazgo de Placer Biosciences y su compromiso de avanzar en la plataforma farmacéutica.
Range Impact (OTC: RNGE)는 자신의 칸나비노이드 의약품 개발 사업인 Graphium Biosciences를 Placer Biosciences에 매각했다고 발표했습니다. 이 전략적인 결정은 Range Impact가 애팔래치아에서의 환경 서비스 사업에 집중할 수 있도록 합니다. 매각에는 Graphium의 모든 자산이 포함되며, Range Impact는 Placer의 보통주 25%에 대한 워런트, 소액의 현금, 및 비핵심 장비 판매로 인한 수익의 50%를 받을 것입니다.
Graphium은 정신활성 부작용 없이 위장 질환을 위한 초기 단계의 칸나비노이드 기반 치료제를 개발하고 있었습니다. 사업 매각 결정은 기업 전략 및 시장 상황 검토 후 내려졌습니다. Range Impact의 CEO인 Michael Cavanaugh는 Placer Biosciences의 리더십과 파트너십을 맺고 의약품 플랫폼 발전에 대한 그들의 헌신에 대해 기대감을 표명했습니다.
Range Impact (OTC: RNGE) a annoncé la vente de son activité de développement de médicaments cannabinoïdes, Graphium Biosciences, à Placer Biosciences. Ce mouvement stratégique permet à Range Impact de se concentrer sur son activité de services environnementaux dans les Appalaches. La vente comprend tous les actifs de Graphium, Range Impact recevant des warrants pour 25 % des actions ordinaires de Placer, une petite somme en espèces et 50 % des recettes provenant des ventes d'équipements non essentiels au cours de l'année suivante.
Graphium développait des thérapeutiques à base de cannabinoïdes en phase précoce pour les maladies gastro-intestinales sans effets secondaires psychoactifs. La décision de désinvestir a été prise après un examen des stratégies d'entreprise et des conditions de marché. Le CEO de Range Impact, Michael Cavanaugh, a exprimé son enthousiasme à l'idée de collaborer avec la direction de Placer Biosciences et leur engagement à faire avancer la plateforme de médicaments.
Range Impact (OTC: RNGE) hat den Verkauf seines Geschäfts zur Entwicklung von Cannabinoid-Arzneimitteln, Graphium Biosciences, an Placer Biosciences angekündigt. Dieser strategische Schritt ermöglicht es Range Impact, sich auf sein Umweltservicegeschäft in den Appalachen zu konzentrieren. Der Verkauf umfasst alle Vermögenswerte von Graphium, wobei Range Impact Warrants für 25 % der Stammaktien von Placer, einen kleinen Geldbetrag und 50 % der Einnahmen aus dem Verkauf von nicht-kernbezogenen Geräten im nächsten Jahr erhält.
Graphium entwickelte frühmedizinische Cannabinoid-basierte Therapeutika für gastrointestinale Erkrankungen ohne psychoaktive Nebenwirkungen. Die Entscheidung zur Abspaltung wurde nach einer Überprüfung der Unternehmensstrategien und Marktbedingungen getroffen. Der CEO von Range Impact, Michael Cavanaugh, äußerte sich erfreut über die Partnerschaft mit der Führung von Placer Biosciences und deren Engagement für die Weiterentwicklung der Arzneimittelplattform.
- Received warrants convertible into 25% of Placer Biosciences' common stock
- Entitled to 50% of proceeds from non-core scientific lab equipment sales over next 12 months
- Strategic focus on environmental services business in Appalachia
- Potential to monetize large tax loss carryforwards
- Divestment of cannabinoid drug development business
- Received only a de minimis amount of cash from the sale
CLEVELAND, OHIO, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Range Impact, Inc. (OTC: RNGE) (“Range Impact” or the “Company”), a public company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing, announced the sale of its cannabinoid drug development business as part of its strategic plan to focus on acquiring, reclaiming and repurposing mine land throughout Appalachia.
Sale of Graphium Biosciences
On September 30, 2024, the Company sold all of the common stock of its wholly-owned subsidiary, Graphium Biosciences, Inc. (“Graphium”), to Placer Biosciences, Inc. (“Placer”), a newly-formed biotech drug development company led by Dr. Brandon Zipp and Richard McKilligan, Graphium’s Chief Science Officer and Chief Financial Officer, respectively. As consideration, the Company received warrants convertible into
Graphium comprises all of the Company’s legacy cannabinoid drug development assets, including intellectual property, permits, and lab equipment, which had been used in connection with the development of early-stage cannabinoid-based therapeutics intended to treat gastrointestinal diseases such as Crohn’s disease and colitis, but without psychoactive side effects commonly found in other cannabinoid treatments.
Over the past several years, the Company had been pursuing two concurrent value creation opportunities by continuing to advance its legacy drug development assets in Graphium while also building a new environmental services business focused on generating current cash flow by acquiring, reclaiming, and repurposing mine sites in Appalachia in order to monetize the Company’s large tax loss carryforwards and create long-term value for its shareholders.
After a close review and examination of the status of both corporate strategies and the current market environment, the Company’s Board of Directors determined that it is in the shareholders’ best interests to separate these two distinct businesses by divesting Graphium in a deal structured to preserve potential upside value for the Company’s shareholders and retaining its environmental services business.
Michael Cavanaugh, Range Impact’s Chief Executive Officer, stated, “We are excited to be partnering with Brandon and Richard given their experience over the past decade in developing this unique non-psychoactive cannabinoid therapeutic intended to address a large and unmet inflammatory disease market opportunity.” Cavanaugh added, “we are excited about the future of our cannabinoid drug platform in the hands of Brandon and Richard and remain committed to supporting them in their vision at Placer Biosciences.”
Dr. Brandon Zipp, Placer Biosciences’ President and Chief Executive Officer, stated, “As the originators and developers of these drug assets, we are fully committed to advancing them through clinical development and producing a novel therapeutic that improves the lives of patients battling these debilitating inflammatory diseases of the gastrointestinal tract.” Dr. Zipp added, “We are deeply appreciative of the support of Range, and this strategic transition enables us to sharpen our focus on our core competencies in order to bring new therapies to market for patients who rely on groundbreaking treatments. We are excited about what the future holds for our company and look forward to advancing our novel cannabinoid therapies over the next several years.”
About Range Impact, Inc.
Headquartered in Cleveland, Ohio, Range Impact is a public company (OTC: RNGE) dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating businesses focused on developing long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. Range Impact takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Range Impact seeks to thoughtfully allocate its capital into strategic opportunities that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.
Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could cause actual outcomes and results to be materially different from those indicated in such statements. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, timing of clinical trials and product development, business strategy and new lines of business. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Range Impact, Inc.
Investor Relations
P: +1 (216) 304-6556
E: ir@rangeimpact.com
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FAQ
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