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M Pharmaceutical Inc. (CSE:MQ) announced it has entered into a letter of intent to acquire assets from Chelatexx, LLC related to a reformulated version of orlistat (product “C-103”)
M Pharmaceutical Inc. (CSE:MQ) announced it has entered into a letter of intent to acquire assets from Chelatexx, LLC related to a reformulated version of orlistat (product “C-103”).
As quoted in the press release:
The addition of C-103 provides a novel weight loss pharmaceutical product to the M Pharma pipeline. Indicative terms of the letter of intent include an up-front cash payment, 10 million common shares of M Pharmaceutical, and a low single-digit royalty on net sales. The transaction is subject to finalizing terms in a definitive agreement within the next 14 calendar days and certain closing conditions which are expected to conclude by January 2016.
M Pharma also announced a significant reorganization of its priorities to concentrate on the development of its two oral products – C-103 and Trimeo – for obesity treatment and weight loss. M Pharma believes that both C-103 and Trimeo have potential to address the growing obesity problem. In conjunction with the Company’s reorganization, it will minimize continued investment in its two earlier stage technologies Trimtec and eMosquito and review potential opportunities to divest or partner these technologies.
M Pharmaceutical CEO, Matthew Lehman, stated:
The acquisition of C-103 from Chelatexx, LLC is an exciting addition to the M Pharmaceutical pipeline. This product fits into our mission of developing innovative technologies for obesity with fewer side effects than currently available products.
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