The Conversation (0)
M Pharmaceutical (CSE:MQ) announced that it has closed the acquisition of RX Global Capital Inc., which holds an exclusive license agreement from EatLittle Inc. worldwide. EatLittle has an innovative method for non-invasive dynamic gastric volume reduction for weight loss.
As quoted in the press release:
M Pharmaceutical Inc. (the “Company”) (CSE:MQ), announced today that it has closed its previously announced acquisition of RX Global Capital Inc., a private company that holds as its sole asset an exclusive, world-wide license agreement from EatLittle Inc. covering all development and production rights to temporary controllable pseudobezoars, an innovative method for non-invasive dynamic gastric volume reduction for weight loss, and several other medical applications. The Company issued a total of 9,522,400 common shares at a deemed price of $0.25 per share, including 3,500,000 shares to EatLittle Inc. pursuant to the license agreement. These 3,500,000 shares are subject to a 3 year escrow agreement, with 10% of the escrowed shares being immediately releasable, and the balance being released in equal tranches every six months thereafter. The Company also issued 5,664,000 replacement warrants, exercisable at $0.25 per warrant.
Dr. Martin Mintchev, President and CEO of the Company, and one of the inventors of this technology, said, “This technology has several exciting applications beyond that of a weight loss implement. We will be pursuing further development into these areas, including as a diagnostic device or a drug delivery system. With the closing of this acquisition, we can now concentrate on moving both the eMosquito and the psuedobezoars technologies forward.”
Click here to read the M Pharmaceutical (CSE:MQ) press release
Click here to see the M Pharmaceutical (CSE:MQ) profile.