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M Pharmaceutical Inc. (CSE:MQ,OTCMKTS:MPHMF) announced that it has closed the previously announced acquisition of the rights to the intellectual property associated with neural gastrointestinal stimulators through its purchase of Alberta-based, privately owned Trimtec Biomedical Inc.
M Pharmaceutical Inc. (CSE:MQ,OTCMKTS:MPHMF) announced that it has closed the previously announced acquisition of the rights to the intellectual property associated with neural gastrointestinal stimulators through its purchase of Alberta-based, privately owned Trimtec Biomedical Inc.
As quoted in the press release:
The Company has issued 1,000 common shares from treasury and assumed the obligations of the exclusive worldwide license agreement covering this technology that Trimtec holds with UTI Limited Partnership at the University of Calgary in Calgary, Alberta.
The Trimtec method has been tested in several studies on experimental animals chronically implanted with the stimulator, demonstrating its effectiveness. In 2014, a parametrically similar stimulator (but for the gastric vagal nerve located in the proximal stomach) was approved by the FDA as a Class III medical device for the treatment of obesity. The acquired technology is ready for chronic clinical trials on humans for regulatory purposes.
Dr. Martin Mintchev, PhD, PEng, president and CEO of M Pharmaceutical, commented:
This acquisition provides the Company with a third strategic family of medical devices to add to our portfolio, diversifying our product mix and reducing market sector risk. This exclusive, worldwide license on the technology of neural gastrointestinal electrical stimulation for laparoscopically implanted, minimally-invasive treatment of obesity completes the first phase of our intellectual property development portfolio in the area of obesity.
Click here to read the M Pharmaceutical Inc. (CSE:MQ,OTCMKTS:MPHMF) press release
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